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March 13, 2017
In the News
The next issue of Agri Marketing will include a focus report on Farm Broadcasting. To schedule your organization's ad contact Audrey Evans: AudreyE@AgriMarketing.com; 515-954-8589.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1675 | 3.5800 | 3.6250 |
| Soybeans | -0.3075 | 9.9625 | 8.8175 |
| Wheat | -0.1100 | 4.2275 | 4.7150 |
| Cattle | +1.63 | 117.60 | 138.30 |
| Hogs | +1.43 | 68.18 | 72.18 |
| Cotton | -0.70 | 77.29 | 56.83 |
| Milk | -0.20 | 15.74 | 13.80 |
| Crude Oil | -4.84 | 48.49 | 37.84 |
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It was an ugly week for the grain and oilseeds complex, as prices tumbled on abundant world supplies, technical selling and pressure from crude oil.
Thursday's monthly USDA Supply and Demand report did not offer any support, as it included big increases to Brazilian corn and soy crops that were already seen as large.
The growing certainty of large South American crops is weighing on export demand for U.S.
supplies.
For soybeans, the reality of large supplies appears to be setting in.
With expectations for record large U.S.
soybean plantings on top of the record Brazilian crop, this market could accelerate further to the downside.
Wheat futures also retreated, although losses were limited by concern about the hard red winter wheat crop and dryness in the southern Plains, which set the stage for wildfires that burned more than 2 million acres from Colorado to the Texas Panhandle early in the week.
Otherwise the U.S.
w
eather outlook is mostly favorable, as much of the Midwest is in the midst of a wet pattern that eases concern about potential drought.
Rice futures rebounded from contract lows set early in the week and ended higher.
Crude oil futures tumbled to their lowest level in three months, finally breaking out of their $50-$55 range.
In the livestock complex, live cattle futures were higher on strong cash trade and surging wholesale beef prices.
While Boxed Beef values are expected to retreat soon, all they did last week was climb: For the week, Choice was up nearly $12, while Select was up nearly $7.
This has propelled packer margins and helped support firm cash trade, with cash prices in the Plains remaining at a significant premium to futures.
Lean hog futures were also up on the week amid firm wholesale pork values.
Pork packer margins remain strong and stable.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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