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	+0.1625	3.7850	3.7600
Soybeans	+0.3925	9.5600	9.6500
Wheat	-0.0050	4.5975	4.9075
Cattle	-2.91	131.48	160.72
Hogs	-0.03	66.80	62.88
Cotton	-0.04	60.03	64.59
Milk	-0.02	13.72	15.67
Crude Oil	+0.64	40.36	56.39

Corn and soybean futures rallied despite nearly ideal weather conditions that allowed for aggressive U.S. planting. Soybeans were the leader, surging amid fund-buying and some concern over South America weather conditions. The NOPA soybean crush report for March, issued Friday, was also a little friendly versus expectations, and showed the second-strongest March crush on record. Soybean futures climbed to their highest levels in more than eight months. Corn was supported by technical buying and by a continued revival in export demand. Wheat was underpinned by corn and soybeans and ended the week narrowly mixed. Wheat's upside was limited by the weather outlook, including multiple inches of rain for the southern Plains, which was badly needed for the hard red winter crop. Wheat export demand remains poor. Cotton futures surged early in the week on limited high-quality supplies, but retreated late after China announced its plans to sell up to 2 million metric tons from its domestic reserves in the coming months. Rice futures surged on a surprising export sale of 90,000 metric tons to Iraq. Crude oil futures were up on the week with support from speculation that OPEC nations and Russia would agree to a production freeze at a meeting over the weekend. However that agreement failed to materialize.

Live cattle futures slumped despite a rally in wholesale beef prices and firm cash trade. Bear-spreading was a feature of the market, which is not a positive sign. Boxed beef values were higher each day of the week, pushing packer margins back into positive territory. Cash trade in the southern Plains occurred at $134-$135, up $1 to $2 from the prior week. Lean hog futures stumbled, with significant losses in all contracts except nearby April, as soft packer demand and fund-selling weighed on the market. However the livestock complex is helped by warmer weather and solid pork and beef demand.

Click on the Brock logo or call 1-800-558-3431 for more info on our services.