In the News

The next issue of Agri Marketing magazine will include focus reports on the Canadian Ag Market plus Digital Media Update. To schedule your ad contact Audrey Evans at AudreyE@AgriMarketing.com or phone 515-984-8589.

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+ 0.06 1/4	3.63 1/4	3.80
Soybeans	-0.00 1/2	8.79	9.91
Wheat	-0.04 3/4	4.73 3/4	5.32 3/4
Cattle	-5.33	127.55	154.20
Hogs	+ 2.18	62.03	75.63
Cotton	+ 0.01	61.41	59.49
Milk	+ 0.10	13.78	16.02
Crude Oil	- 3.74	29.42	46.25

Grain and soybean futures were mostly firm on the week following a major USDA report day that offered few surprises. Corn was up slightly despite plunging crude oil and live cattle futures, and lackluster demand. Tuesday's USDA reports showed supplies of corn, soybeans and wheat remain burdensome, but USDA did not offer any dramatic revisions, and the markets have already priced in considerable negative information. Perhaps the most surprising aspect of the report was U.S. winter wheat seedings, which at 36.6 million acres was well below trade expectations and the second-lowest total dating all the way back to 1913. This could have implications for corn and soybean acres in the spring. Cotton set a three-month low to start the week but ended it mixed. USDA raised domestic cotton ending stocks slightly while cutting world carryout on production cuts in Asia. Rice tumbled to a fresh seven-month low amid technical selling and a USDA report that increased projected long-grain carryout. The grains and oilseeds were pressured all week by the continued slump in crude oil, plunging stock markets and growing concern about the world economy.

Live cattle futures tumbled on the week amid signs of a top in wholesale beef prices and concerns about demand in the face of troubling economic signals. Nearby futures dropped more than $5 and are now at a significant discount to cash trade, which was actually slightly higher on the week. Boxed Beef prices were up slightly on the week, but after surging more than $20 the prior week, the rally appears to have run out of steam. Lean hog futures managed to carve out gains despite the pressure from cattle, as cash hog prices were firm. Technical buying fueled the market as nearby futures rallied to their highest level in 10 weeks.
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