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February 23, 2015
In the News
The next issue of Agri Marketing will feature a Salute to BASF on its 150th anniversary! Plus a Focus Report on the Dairy market. To schedule your firm's ad, contact Audrey Evans: AudreyE@AgriMarketing.com; Ph: 515-954-8589.
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
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Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -.02 | 3.85 ¼ | 4.55 ¾ |
| Soybeans | +.08 ¾ | 9.99 ¼ | 13.58 ¼ |
| Wheat | -.22 ¾ | 5.10 ¼ | 6.16 ¼ |
| Cattle | -3.30 | 156.70 | 144.60 |
| Hogs | +1.37 | 67.40 | 97.83 |
| Cotton | +1.97 | 64.67 | 86.37 |
| Milk | -.19 | 15.54 | 23.15 |
| Crude Oil | -2.86 | 50.81 | 102.75 |
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Comments: Last week was a mixed one for the grain and soybean markets with soybean prices firming a bit further on more indications of strong demand including a record large January crush number from the National Oilseed Processors Association.
Further support came from USDA's lower-than-expected preliminary forecast of 2015 soybean acres.
Corn futures chopped sideways in narrow ranges with ample U.S.
supplies blocking the upside and uncertainty about U.S.
acreage supporting prices along with slow cash corn movement amid bitter cold weather in the U.S.
Corn Belt.
Wheat futures reversed lower off of 5-week highs amid clear signs U.S.
wheat was overpriced in the world market.
Egypt's cancellation of a U.S.-wheat-only tender and subsequent purchase of French and Romanian wheat was a major bearish factor.
It was another widely mixed week for livestock futures.
Lean hog contracts rallied off of long-term lows on technical buying and cold-weather-driven strength in Midwest cash markets, while live cattle futures slid on pressure from weaker Plains cash trade, uncertainty about beef demand and technically-driven fund long liquidation.
Prospects for a settlement to the labor dispute at West Coast ports also boosted hog futures on Friday.
The monthly USDA Cattle-on-Feed report released after Friday's close was largely neutral.
The monthly Cold Storage Report was a bit negative, confirming a build-up of pork and beef stocks during January.
Cotton futures continued to rally on expectations for lower 2015 plantings, despite a second straight week of poor export sales.
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