In the News

The next issue of Agri Marketing will include an update on the Rural Lifestyle Consumer and marketing to fruit and vegetable producers. For more info, contact Audrey Evans at 636/728-1428 x2003; AudreyE@AgriMarketing.com

presents WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+.08 ¾	7.01 ¾	4.06 ¼
Soybeans	- ¼	13.27 ¾	10.26
Wheat	+.23 ½	7.02 ½	7.13
Cattle	+2.77	117.90	94.20
Hogs	-2.37	89.48	74.63
Cotton	-.76	100.72	86.75
Milk	+.06	21.56	15.08
Crude Oil	-1.50	85.38	75.74

Comments: Corn and soybean futures had a bumpy ride last week, falling early on macroeconomic concerns and speculative position evening, but then rallying back on USDA's lower-than-expected production estimates for both crops. The low crop estimates of 12.914 billion bushels for corn and 3.056 billion bushels for soybeans will limit the downside for prices into harvest, but the final word on production is yet to come. The soybean crop in particular should benefit from milder August weather across the U.S. Midwest. Wheat futures also shook off pressure from economic concerns last week, turning higher with help from a lower USDA estimate of U.S. spring wheat production and tight corn supplies, but large world wheat stocks and cheap Black Sea region exports will limit the upside for wheat prices. Live cattle and hog futures moved in opposite directions last week. Live cattle futures were pulled higher by stronger cash cattle and wholesale beef prices, while most hog futures contracts slipped amid expectations for a seasonal increase in hog/pork supplies. Cotton futures came under further pressure from weak export demand last week, but the trade is skeptical of the larger-than-expected USDA crop estimate.