In the News

The next issue will feature Salutes to NAMA AgBusiness Leader of the year Michael Stern, The Climate Corp and Agri-Marketer of Year Greg Nickerson, Bader Rutter. Plus the annual listing of largest ag agencies. To schedule your ad contact AudreyE@AgriMarketing.com.

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0150	3.7250	3.9000
Soybeans	-0.1000	9.5300	10.7150
Wheat	+0.0250	4.3525	4.6875
Cattle	-1.7200	123.45	121.55
Hogs	+1.5500	79.50	80.43
Cotton	-2.73	79.45	61.07
Milk	+0.02	15.60	12.80
Crude Oil	+2.49	50.33	48.16

There was some volatile action in the grains complex but ultimately prices ended about where they started, with the market getting some support late in the week on uncertainty about the U.S. crop. The soybean market saw the most fireworks, as prices tumbled on Thursday as the political crisis in Brazil caused the country's currency, the real, to tumble versus the dollar. That is negative for U.S. exports and it prompted a wave of selling in Brazil as farmers moved to take advantage of the sudden boost to their prices. However there was no follow-through to Thursday's slump, and soybeans regained some lost ground on Friday. Corn futures also fell Thursday, but bounced back Friday. Heavy rains over the weekend in the Midwest and forecasts calling for damp, chilly weather through the end of the month are feeding concern about corn crop development and the need for replanting. The wet conditions also boosted wheat price s, as disease and quality concerns rise for both soft red and hard red winter. Cotton futures soared to their highest level in nearly three years early in the week but the July contract then tumbled, ending nearly eight cents off the week's high. Rice futures posted a gain of more than 40 cents for the third week in a row, with support from crop losses in Arkansas.

Live cattle futures fell sharply early in the week and never completely recovered. While Plains cash prices fell again, June futures remained at a discount of $10-12, limiting futures' downside. Wholesale beef prices meanwhile were up modestly, which will give a further boost to packer margins that have swung dramatically in the packers' favor over the past couple weeks. Lean hog futures were higher on the week. Strong wholesale pork values underpinned the complex, and nearby June futures on Friday posted their highest close in more than three months.

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