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January 6, 2025

In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby
Futures
Weekly
Change
Friday's
Close
Year
Ago
Corn-0.03254.50754.6075
Soybeans+0.01009.810012.4975
Wheat-0.17255.29256.1600
Cattle+0.4500194.05
Hogs-3.375080.77570.00
Cotton-1.3367.6680.19
Milk+0.3320.4515.12
Crude Oil+3.3673.9673.81
It was an up-and-down mixed week in the grains complex, as soybeans rallied to a multi-week high and corn a six-month high, only to drop sharply on Friday. The market's gains early in the week were driven by short-covering and concern about heat and dryness across key Argentina growing areas and into southern Brazil. While subsoil moisture in Argentina after what was a very favorable start to the year will prevent significant crop loss in the near-term, the forecast for the next two weeks is hot and dry, and if rains don't pick up after that, there could start to be some significant crop damage. Weekly export sales released Friday were poor across the board, which may have contributed to Friday's selloff. While corn and soybean sales have been otherwise strong recently, soybean sales in particular are likely to start slowing down as Brazil gets ready for what is still expected to be a large harvest. Wheat futures fell to a new contract low in benchmark March Chicago soft red winter wheat on Friday. Moisture in the central Plains and a strong U.S. dollar are negative factors for wheat.

In the livestock complex, lean hog futures stumbled lower through the holidays under pressure from seasonal weakness in packer demand and year-end speculative position evening. Two straight weeks of very poor weekly pork export sales also put pressure on prices. Relatively high pork prices and strength in the U.S. dollar are hurting exports. Cattle futures surged higher during the past two holiday-shortened trading weeks on continued strength in Plains cash markets, strong wholesale beef prices and technically-driven buying. Prospects for the first major winter storm of the season to hit the southern Plains also boosted prices. February live cattle futures on Friday set an all-time high for the front-month contract.

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