Grains Higher With Most Commodities After Attack On Saudi Oil
December corn, November soybeans and all three wheats were up Monday along with most commodities. October crude oil is trading up over $7 a barrel after drone attacks crippled Saudi oil production on Saturday.
Cattle Struggle to Find Support
Livestock futures could not uncover solid support Monday. All cattle contracts closed lower, while lean hog futures closed mixed.
Soybeans Post Strong Gains for the Week
The soybean market posted sharp gains for the week after prices rose partially due to China returning to buy U.S. soybeans.
No Sign of Price Resistance
Cheese price strength pushed Class III futures significantly higher. Seldom has the increase of milk futures to this extent been seen in a so-called "normal" market. Sellers have been allowing this market to run without much activity.
Ethanol Futures Start Week Higher
Ethanol futures were up 4.2 cents in the October contract at $1.398 on Wednesday and up 3.6 cents in the November contract at $1.397. December corn closed up 5 1/2 cents per bushel at $3.74, and March corn was up 4.4 cents at $3.86.
Urea Sales Bump Up Ahead of Winter Weather Predictions
Overall, the U.S. urea market was fairly balanced in August, but the Farmer's Almanac is predicting a wet winter and the Army Corps of Engineers is planning lock maintenance that could extend beyond the spring of 2020, which is bringing in a few buyers for more pre-river close tons to ensure supply for spring.
Cotton Closes Unconvincingly Higher
Cotton closed higher Monday, but its net change was barely double-digits.
Canola Follows Soybean Oil Futures Higher
Soybeans ended 1 1/4 to 2 1/2 cents lower, canola finished $2.90 to $3.40/mt higher, corn ended 4 1/4 to 5 1/4 cents higher, HRW closed 8 to 9 1/4 cents higher and spring wheat settled 3 to 3 1/2 cents higher.