In the News

The next issue of Agri Marketing will include a focus report on marketing to Dairy producers. To schedule your organization's ad contact Audrey Evans: AudreyE@AgriMarketing.com; 515-954-8589.

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0925	3.7450	3.6025
Soybeans	+0.3200	10.5900	8.6225
Wheat	+0.1875	4.4900	4.6125
Cattle	-0.50	116.40	132.475
Hogs	+4.22	74.55	65.15
Cotton	-0.59	75.82	58.88
Milk	-0.01	16.86	13.78
Crude Oil	-0.04	53.79	27.45

The grains complex rallied amid support from a mildly friendly USDA Supply and Demand report, solid demand and speculative buying. Corn climbed to its highest level in seven months, and December futures ended the week just shy of the $4 level. Soybeans rallied with the help of strong Chinese import data, and wheat gained on Thursday's USDA report and short-covering. USDA raised its U.S. wheat export projection and slashed expected world wheat ending stocks on a cut to India's crop. Concerns about heat and dryness in the southern Plains also underpinned wheat prices. However there are no other major wheat crop concerns around the world and supplies are abundant, which should limit the market's upside. Similarly there is no supply story for corn and soy bulls to latch on to, as conditions in Argentina have stabilized as private forecasts for Brazil's large soybean crop continue to rise. The expected shift in demand to South America looms over the corn and soy markets. Traders are also trying to gauge potential shifts in U.S. acres. Cotton futures were mixed on the week, as nearby March futures slipped while December cotton carved out a new six-month high. The crude oil market remains in a choppy and sideways pattern.

In the livestock complex, strength in lean hog futures was led by the nearby February contract, which set new contract highs throughout the week. Strong cash prices have underpinned futures, although there were signs of cash prices softening by the end of the week. April and June futures hovered below their recent highs. Live cattle futures stumbled late in the week, ending on a very negative technical note despite cash trade that was steady or higher from a week ago. Expectations for future cash trade are gloomy due to highly negative packer margins and continued declines in wholesale beef prices.

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