In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0200	3.6700	3.7475
Soybeans	+0.0175	8.9750	9.6500
Wheat	-0.1275	4.6300	5.1075
Cattle	+0.03	139.83	156.57
Hogs	-0.38	71.45	60.7
Cotton	+0.01	57.16	62.48
Milk	+0.04	13.83	15.57
Crude Oil	+0.94	39.44	44.66

Corn futures were firm but flat on the week, ending slightly higher thanks to a rally on Monday. The market is underpinned by soggy conditions in the U.S. Delta and concern that planting delays will extend into the Lower Midwest. The corn crop would be the first to be negatively impacted by planting delays. Soybeans were also up slightly on the week, but ran into technical resistance on consecutive days at its 200-day moving average. Early in the week, the NOPA February crush report showed a much-larger crush than expected. Soybeans were also underpinned by soybean oil futures. Wheat fell on the week amid profit-taking, as the market ran out of steam after hitting five-week highs. Fundamentally the wheat market was pressured by poor export demand and new long-range weather forecasts calling for a wetter pattern in the Plains, easing concern about drought in the western Plains. Cotton futures fell late in the week but suffered no technical damage, and the market is underpinned by firm cash trade. Rice futures were higher on short-covering, firm prices in Asia and concern about Mid-South planting.

Live cattle futures surged early in the week, hitting fresh 4 1/2-month highs on soaring wholesale beef prices, but retreated late as beef prices softened. The market ended up on the week slightly. Friday's Cattle on Feed report was negative, with USDA reporting placements in February up 10% from a year ago, compared to the 8.3% increase that was expected. Marketings were up 5%, compared to the average analyst estimate of 4.7%. Packer margins surged back into positive territory thanks to the climb in beef prices. Lean hog futures rallied in deferred months, with June and July each setting contract highs. April hogs were flat, pressured by their premium to cash.

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