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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1850 | 3.9025 | 3.6375 |
| Soybeans | +0.3400 | 10.2100 | 9.8850 |
| Wheat | +0.1100 | 4.7800 | 4.7725 |
| Cattle | +0.28 | 114.93 | 160.8 |
| Hogs | +2.20 | 77.90 | 75.33 |
| Cotton | +0.68 | 63.76 | 67.32 |
| Milk | -0.03 | 13.62 | 16.24 |
| Crude Oil | +2.19 | 45.92 | 58.58 |
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The grains complex rallied, climbing on concerns about South American production, slower U.S.
planting and a weaker U.S.
dollar.
Recent excessive rains in Argentina affecting soybean crops, as well as heat and dryness in Brazil during pollination of second-crop corn were driving factors.
Private crop estimates in both cases have been declining, and the CEO of grain merchandiser Bunge told investors that the crop reductions would likely result in a shift in export demand for corn and soybeans to the Northern Hemisphere in the second half of the year.
Export demand has in fact already picked up for corn and to a lesser extent soybeans.
Damp, chilly weather slowed planting during the week in much of the Midwest, but the delays are expected to be short-lived and corn planting is set to remain ahead of schedule.
Speculative buying based on long-range weather forecasts indicating the potential for drought this summer in t
he Corn Belt has also underpinned prices.
However as of now production potential still looks for favorable for corn and for hard red winter wheat, which has benefited from recent rains across the southern Plains.
Cotton was up on the week amid help from the dollar, which fell to a new eight-month low.
Lean hog futures rallied to their highest levels in a month as cash prices climbed with seasonally tightening hog supplies prompting packers to compete more actively for slaughter needs.
Live cattle futures surged early in the week amid support from the prior week's Cattle on Feed report, but the gains proved to be short-lived.
The market ended the week slightly higher but by Thursday it was back near contract lows.
Wholesale beef prices continued to tumble, and cash trade was also weaker at $124 in the southern Plains, down $3 from the prior week and $10 from two weeks prior.
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