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January 27, 2025
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0225 | 4.8650 | 4.4625 |
| Soybeans | +0.2175 | 10.5575 | 12.0925 |
| Wheat | +0.0525 | 5.4400 | 6.0025 |
| Cattle | +8.025 | 204.775 | 178.45 |
| Hogs | +1.17 | 82.30 | 74.93 |
| Cotton | +0.01 | 67.61 | 84.37 |
| Milk | +0.01 | 20.31 | 15.20 |
| Crude Oil | -3.22 | 74.66 | 78.01 |
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Grain and oilseed futures were mostly higher on the week, driven by crop concerns in South America and optimism about trade between the U.S. and China. President Trump has continued to take an adversarial tone with Canada and Mexico, threatening 25% tariffs on all imports starting Feb. 1, on China he has been more conciliatory, and this week he said he would "rather not" impose tariffs on China as promised during the campaign. Meanwhile weekly export sales were impressive for corn, soybeans and cotton. Heat and dryness in Argentina is feeding crop concerns there. Parts of Brazil meanwhile are too wet, feeding concern about second-crop corn planting. However, neither situation seems likely to cause major crop losses. Corn and soybean futures retreated on Friday, due in part to news that Argentina was cutting its grain export tax from now until June. Worries about U.S. soybean acreage this spring due to prices and an anticipated shift to corn plantings is helping underpin the soybean market. Crude oil fell, but the stock market rallied on optimism about U.S. trade and strong corporate earnings reports.
In the livestock market, it was another historic week for live cattle futures, which soared to contract highs and a new all-time high on a front-month basis. Tight supplies and the strong stock market were supportive factors, and prices in Plains cash cattle markets also soared. USDA's Cattle on Feed report Friday showed placements at 97.0% of a year ago, versus the average analyst estimate of 100.0%. Total feedlot inventories of 99.0% of a year ago compared to the average estimate of 99.6%. Lean hog futures started out the short trading week under pressure from technically driven speculative selling, but stabilized after Wednesday morning, finding fundamental support from cash hog/wholesale pork prices and outside support from the surging cattle market.
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