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April 4, 2016
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1600 | 3.5400 | 3.8175 | | Soybeans | +0.0775 | 9.1825 | 9.8975 | | Wheat | +0.1275 | 4.7575 | 5.2850 | | Cattle | -2.88 | 132.97 | 161.8 | | Hogs | -1.83 | 67.80 | 62.90 | | Cotton | +1.48 | 59.20 | 62.58 | | Milk | -0.05 | 13.81 | 15.53 | | Crude Oil | -2.67 | 36.79 | 50.09 | | Trade was dictated by Thursday's planting intentions and quarterly grain stocks reports from USDA.
The acreage report in particular was a market mover, as it showed corn planting intentions at a whopping 93.6 million acres, well above all pre-report trade estimates and up from 87.99 million in 2015.
This sent corn futures tumbling to new contract lows.
Meanwhile USDA estimated soybean intentions at 82.2 million acres, down modestly from a year ago and below trade expectations.
Soybean futures rallied on the report and technical buying as futures surged to a new 7 1/2-month high.
Given a soggy start to the planting season in the Delta and the significant shift in the soybean-to-corn ratio, actual plantings of corn are very likely to be lower than USDA's planting intentions estimate, while soybeans will likely be higher.
Wheat futures were also propelled by the acreage report, as USDA showed spring wheat intentions below expectations and down more than 3 million from year-ago plantings.
Cotton futures rallied amid short-covering, while rice futures tumbled to new contract lows and a 10 1/2-month low on a spot-month basis as rice intentions were greater than expected and up 17% from actual 2015 plantings.
Live cattle futures tumbled amid speculative selling and slumping wholesale beef prices.
Cash cattle traded at $133 in the southern Plains, down $3 from the prior week.
Fed cattle got a temporary boost on Thursday as feeder cattle futures surged on the weakness in corn, but cheaper corn is not bullish for live cattle long-term, and even feeders ended the week steady to slightly lower.
Lean hog futures also fell amid technical selling after the market failed to challenge its March highs on a rally early in the week.
Gains early in the week were fed by a lack of herd expansion in the quarterly Hogs and Pigs report.
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