In the News

The next issue of Agri Marketing will include Salutes to NAMA honorees FFA's Dwight Armstrong and Unverferth's Dan Fanger. To schedule your organization's congratulatory ad contact Audrey Evans at AudreyE@AgriMarketing.com. Ph: 515-954-8589.

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0825	3.6225	3.7925
Soybeans	-0.0150	9.1675	9.7150
Wheat	-0.0155	4.6025	5.2625
Cattle	+1.400	134.375	161.550
Hogs	-0.975	66.825	62.300
Cotton	+0.87	60.07	66.73
Milk	-0.07	13.74	15.63
Crude Oil	+2.93	39.72	50.42

Corn futures were higher, climbing each day of the week on solid export demand and uncertainty about spring planting. Soybeans rebounded from losses early in the week to end down only slightly, with soybean meal futures helping soybeans to firm up. A strengthening of the Brazilian real versus the dollar is positive for U.S. soy export prospects and prices, however the market's upside should be limited by the large South American harvest and intended corn acres in the U.S. being switched to soybeans because of recent price shifts. The wheat market slumped on technical selling, continued poor export demand and forecasts calling for some relief for dry areas of the western and southern Plains. Cotton futures drifted sideways most of the week but rocketed higher on Friday on strong weekly export sales, technical buying and tight supplies of high-quality cotton. Rice worked their way gradually higher amid improved export demand and short-covering. Other than planting weather, grains traders this week will be looking at Tuesday's monthly supply and demand update from USDA. Crude oil prices surged on the week, driven in part by growing expectations that OPEC members and Russia will agree to a supply "freeze."

Live cattle futures tumbled early but rebounded strongly late in the week, ending higher amid bull-spreading and short-covering. The market was underpinned by the week's cash trade, which occurred at $132-$134 in the southern Plains, mostly steady with the prior week. Wholesale beef prices remained under pressure, with the Boxed Beef report showing Choice falling more than $4 on the week, and packer margins dove further into the red. In lean hogs, front-month April fell to its lowest level in 2 1/2 months but other contracts were higher. The CME lean hog cash index has climbed each day for more than a week.

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