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October 20, 2025
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn (Dec) | +0.0950 | 4.2250 | 4.0475 |
| Soybeans (Nov) | +0.1275 | 10.1950 | 9.7000 |
| Wheat (Dec) | +0.0525 | 5.0375 | 5.7275 |
| Cattle (Dec) | -0.7000 | 241.825 | 187.625 |
| Hogs (Dec) | -1.6500 | 82.375 | 77.825 |
| Cotton (Dec) | +0.44 | 64.28 | 70.99 |
| Milk (Oct) | +0.06 | 16.98 | 22.76 |
| Crude Oil (Nov) | -1.36 | 57.54 | 69.22 |
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Corn and soybean futures were firm on the week, bolstered by technically driven short-covering and bottom-picking, with a growing sentiment that U.S. yields will fall short of USDA's September projections helping boost prices. Corn posted a bullish weekly reversal higher in the December contract, and various ag commodities had positive weeks technically. While U.S. yields are far from disastrous, anecdotally there is enough variability to drive national expectations lower for both corn and soybeans. Strong export demand, which is reflected in weekly export inspections that continue to be released despite the federal government shutdown, is also a supportive factor for corn. For soybeans the export demand outlook is much murkier due to the lack of progress on a trade deal with China, but the market did get a boost during the week from a bullish NOPA soybean crush report for September. The cotton market rebounded from its contract low, but rice remains under pressure as global grain supplies are comfortable. The crude oil market extended its recent decline, with some pressure coming from the ceasefire in Gaza. Gold soared to new all-time highs.
In the livestock complex, the bull market in live cattle and feeder cattle futures raged on for the first four days of the week, before hitting a brick wall on Friday, apparently in reaction to President Trump's comments he is near a deal to bring beef prices down. That plan appears to involve imports of beef from Argentina. The market rout was no doubt deepened by technically overbought market conditions and futures' premiums to cash. Lean hog futures accelerated downward along with cash hog prices amid seasonal increases in hog supplies and seasonal weakness in demand. Technically-driven long liquidation added to the pressure on lean hog futures as large speculators ran for the exit after building a record large net long position in lean hog futures/options in late September.
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