In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0325	3.6750	3.6850
Soybeans	-0.0650	10.000	8.9775
Wheat	-0.0425	4.3625	4.6250
Cattle	+1.73	119.33	141.15
Hogs	+0.88	69.05	71.30
Cotton	+1.07	78.36	58.36
Milk	-0.01	15.73	13.83
Crude Oil	+0.21	48.70	40.20

Corn futures tumbled early in the week to a two-month low but climbed steadily the rest of the week and posted a small weekly gain, while soybeans and wheat were down modestly on the week. Large South American crops and mostly favorable harvest weather in Brazil hang over the complex. Here in the U.S., weather conditions are mostly favorable in the South and a wet pattern through the end of March will leave soil moisture in good shape in much of the Midwest, although the Midwest precipitation raises the possibility of a sluggish start to planting season. The grain complex found its footing after weakness early in the week with the help of a weaker U.S. dollar and a rebound in crude oil off a four-month low. The markets may struggle to establish a direction until the key March 31 Prospective Plantings and Quarterly Grain Stocks reports. Cotton futures were higher, with December futures making a new contract high, as export demand is robust. Rice futures rallied to a seven-week high.

In the livestock complex, live cattle futures rallied on better-than-expected cash trade and continued strength in wholesale beef prices, which is fueling robust packer margins. April future hit a two-month high, while June and August live cattle futures surged to their highest levels since last summer. Cash trade at $127-28 in the southern Plains was up as much as $3 from the prior week and kept cash at a significant premium to nearby April futures. Wholesale beef prices continued to gain throughout the week. Late in the week, Brazil authorities raided meatpackers across the country as part of an investigation into alleged bribes of government inspectors that allowed for the export of tainted beef. As of now it is unclear how much damage Brazil's industry will sustain and whether it will open export opportunities for U.S. beef.

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