In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0800	3.6425	3.5150
Soybeans	-0.2975	9.4600	9.1075
Wheat	+0.0175	4.2650	4.7350
Cattle	-2.15	119.95	132.925
Hogs	-1.60	65.68	68.35
Cotton	-0.14	77.33	58.44
Milk	+0.01	15.83	13.78
Crude Oil	+2.63	50.60	38.34

Last week was all about the USDA's Planting Intentions and quarterly Grain Stocks reports. They were not released until Friday, so traders spent most of the week in anticipation. Both corn and wheat reacted favorably to the report, even though it was only mildly favorable at best. Corn stockpiles were larger than expected but planting intentions of 90.0 million, which would be down four million from a year ago, were lower than expected. The report was bearish on two fronts for soybeans: Stockpiles were 51 million bushels above the average analyst estimate and acres were well above expectations at a bearish 89.482 million. USDA's cotton acreage estimate was also bearish. The cotton market rallied after the report, but remained well off its March highs. The focus of the grain trade now turns to U.S. weather, and wet conditions in recent weeks and to start the month of April are pointing toward a sluggish start to plan ting. However it is still very early in the season and any weather rally will prove to be fleeting if conditions start to dry up in the second half of April. In outside markets, crude oil futures rallied back above the $50 level.

In the livestock complex, live cattle futures retreated after charging to long-term highs the prior week. An easing of restrictions on Brazilian beef imports weighed on futures, but the main bearish factor was tumbling wholesale beef prices, which have caused packer margins to evaporate over the past week. Cash cattle traded $2-$4 lower on the week. Technically, futures may have put in a significant top. Lean hog futures also spent the week on the defensive, pressured by weaker cash hog and wholesale pork values. USDA's quarterly Hogs and Pigs report confirmed large supplies and that there will be little supply relief in the months ahead.

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