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	+0.0175	3.7425	4.0825
Soybeans	-0.2650	9.2650	10.7975
Wheat	+0.0300	4.3825	4.8125
Cattle	-0.75	122.70	118.925
Hogs	+2.33	81.83	80.55
Cotton	-2.36	77.09	64.33
Milk	+0.01	15.61	12.80
Crude Oil	-0.96	49.71	49.48

The soybean market was the big mover in the ag complex, tumbling to new multi-month lows on abundant world supplies and a generally bearish U.S. supply outlook. The supply outlook has been fed recently by expectations that some planned corn acres will be shifting to soybeans. Delays in corn planting as well as flooding and concern about crop emergence underpinned the corn market, although it was up only slightly on the week. Corn futures, even while trading firmly in a sideways pattern, have posted modest gains for five consecutive weeks. Wheat futures posted modest gains in the winter contracts, underpinned by U.S. crop quality concerns. Minneapolis wheat posted stronger gains amid concern about dryness in the northern U.S. Plains as well as planting problems in Canada. In the cotton market, July futures extended their sharp slide and December futures also fell, while continuing to find support just above the 72-cent level. Rice futures surged, hitting a new 11-month high on a front-month basis on a reduced U.S. crop outlook. Crude oil futures tumbled late in the week, dropping below $50, despite OPEC's announcement it was extending production cuts until next spring.

In the livestock complex, live cattle were down on the week on weaker cash trade, fund liquidation and the monthly Cattle on Feed report, which was released during trade on Friday and accelerated the market's swoon. This market should remain volatile with futures still well discounted to Plains cash markets, which traded at $132 in Kansas. The Cattle on Feed report showed April placements at 111.1% of a year earlier, the largest since 2003. This pushed the May 1 feedlot inventory to a five-year high. However the near-term supply outlook remains relatively tight. Lean hog futures meanwhile extended their rally, hitting new contract highs on continued strength in wholesale pork prices and packer operating margins.

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