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January 13, 2025
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1975 | 4.7050 | 4.4700 |
| Soybeans | +0.3250 | 10.1350 | 12.0575 |
| Wheat | +0.0150 | 5.3075 | 5.9600 |
| Cattle | +4.725 | 198.775 | 171.00 |
| Hogs | +1.770 | 82.55 | 71.90 |
| Cotton | -0.65 | 67.01 | 81.31 |
| Milk | -0.26 | 20.19 | 15.15 |
| Crude Oil | +2.61 | 76.57 | 72.68 |
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Grain and oilseed futures were mostly higher on the week, driven by technical buying and Friday's USDA reports, which were bullish for corn and soybeans. March corn made a six-month high and soybeans made a two-month high after USDA slashed its yield estimates for corn and soybeans in its final report on the 2024 crop. Corn and soybeans also had underlying support from heat and dryness in Argentina and southern Brazil. Rains in the forecast for those areas this weekend and into early next week will be crucial in staving off crop stress and yield loss. Wheat futures struggled, with March soft red winter wheat making another contract low before getting dragged higher by corn and soybeans. Unlike corn and soybeans, USDA's reports for wheat were bearish as winter wheat seedings came in higher than expected. Moisture in the U.S. Plains and eased concerns about crops in Russia and Ukraine also hung over the wheat market. Cotton was also under pressure, making a new contract low late in the week after a bearish USDA report. Crude oil futures rallied to multi-month highs, driven in part by U.S. sanctions on Russian crude oil companies intended to cut off their exports.
In the livestock complex, cattle futures continued to rocket higher on support from surging cash cattle and wholesale beef prices and concerns about tightening U.S. cattle supplies. Harsh winter weather in the Plains was also supportive. Positive U.S. employment data kicked in some support on Friday, offsetting inflation concerns and stock market weakness. Through Friday, February live cattle futures had made a new all-time high for a most-active live cattle contract six of the past seven sessions. Plains cash cattle prices have also hit all-time highs. Feeder cattle futures also continued to surge on supply worries. Lean hog futures rallied Thursday and Friday.
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