In the News

The next issue of Agri Marketing will feature a focus report on the Dairy Market. To schedule your organization's ad, contact Audrey Evans at AudreyE@AgriMarketing.com or call 515-954-8589.

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0675	3.6650	3.8975
Soybeans	+0.0550	8.7825	10.0725
Wheat	+0.0425	4.6175	5.2775
Cattle	+$5.80	135.75	158.93
Hogs	-1.83	68.95	67.05
Cotton	+1.11	60.01	64.44
Milk	-0.05	13.82	15.73
Crude Oil	+0.20	29.64	51.16

The grain and oilseeds complex was higher on the week, as corn prices got help from improved export demand. Weekly net export commitments topped trade expectations last week and there have been several new sales repor ted recently. However, corn exports remain below the pace needed to meet USDA's projection. Mostly favorable South American weather hangs over corn and soybean prices, although traders are watching conditions in Argentina, where flooding has become a problem in several states. The Feb. 16 NOPA crush report was bearish, with the January crush at 150.453 million bushels, down 7 million from a month earlier and well below analyst estimates. Wheat was higher as traders watched weather conditions in the southern Plains, where unseasonably warm temperatures pushed some crops out of dormancy and reduced winter hardiness, giving a lift to hard red winter prices. Dryness is also increasing, although for now soil moisture levels remain adequate. Cotton futures surged amid short-covering and increased demand. Crude oil was up slightly on the week amid continued speculation that major world producers will agree to cut output.

Live cattle futures surged amid expectations of higher cash trade and strong U.S. stock markets. Wholesale beef prices fell during the week, adding pressure to negative packer margins, which could limit gains in cash trade going forward. Seasonal strength in beef demand ahead of the spring grilling season is needed to boost prices. Friday's monthly Cattle-on-Feed report was largely neutral, as it showed feedlot inventories in line with a year ago and placements down 0.6%. Lean hog futures were lower in a choppy week, pressured by speculative profit-taking and technical selling after the market retreated from a fresh four-month high in the April contract.
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