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	-0.0675	3.7175	3.7250
Soybeans	+0.3100	9.8700	9.7050
Wheat	+0.0725	4.6700	4.9875
Cattle	-6.74	124.73	156.3
Hogs	+1.30	75.70	70.7
Cotton	+3.05	63.08	62.49
Milk	-0.07	13.65	15.83
Crude Oil	+2.02	43.73	56.16

It was a tumultuous week in the grains complex, as futures soared to new highs before retreating sharply Thursday and Friday. Speculative fund-buying of commodities in general has fueled the complex. Soybeans were the upside leader, climbing to their highest levels in more than 8 months and posting a solid weekly gain despite profit-taking on Friday. Concern about South American production amid dry weather in Brazil and excessive rains in Argentina have helped underpin corn and soybeans, as has recent improvement in export demand. However much of the market's strength is due to investor money flow rather than any shift in supply and demand fundamentals. The U.S. planting season is off to a good start, and a wetter pattern expected over the next several days in the Midwest will aid crops already in the ground, although further corn and soybean planting will be delayed. Wheat was higher on the week amid short-covering and outside market support, but improved U.S. winter wheat conditions and abundant world supplies still hang over the market. Cotton futures surged amid firm cash markets, tight near-term supplies and soaring Chinese cotton prices.

The cattle market was the bearish outlier in the ag complex, as live cattle futures continued to tumble on commodity fund-selling and expectations of rising cash market supplies. Futures fell to fresh contract lows. Much of the damage was done on Monday, but after stabilizing at mid-week the market fell sharply again on Friday, as cash trade emerged at $127, down $7 from the prior week. Wholesale beef prices also fell steadily all week. Friday afternoon's Cattle on Feed report was a little friendly versus expectations, as March placements were reported up 4.6% from a year earlier, a smaller increase than expected. Lean hog futures were higher on the week on solid pork demand.
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