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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0550 | 3.6750 | 3.7350 |
| Soybeans | +0.3850 | 10.2150 | 10.4375 |
| Wheat | +0.0875 | 4.5775 | 4.4775 |
| Cattle | +4.03 | 127.65 | 116.53 |
| Hogs | -0.70 | 68.15 | 69.83 |
| Cotton | -0.96 | 75.72 | 75.01 |
| Milk | +0.47 | 14.10 | 16.90 |
| Crude Oil | +2.56 | 61.55 | 53.36 |
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Soybeans were the story of the week, as the futures market surged on growing concerns about the Argentina crop.
Beans hit multi-month highs, as did soybean meal, which led the complex.
Hot, dry weather has afflicted Argentina since last fall and has not let up.
Private crop estimates have dropped by several million metric tons since the start of the year, which should ultimately lead to more demand for U.S.
soybeans and soybean meal.
Argentina's corn crop has also suffered, although corn futures were unable to gain much traction last week despite the rally in beans.
The concerns about Argentina's crop are at least partially offset by what looks to be another very large Brazil soybean crop.
A rainy pattern in key Brazil areas is slowing the soybean harvest, but some forecasters still expect the crop to set a new record.
Large speculators have dramatically reduced what was a large net short position in corn and soybeans, and in the case of soybeans they are now a net long.
Wheat futures were also higher on the week, with the continued dryness in the southern Plains feeding concern about the hard red winter crop.
A weaker U.S.
dollar index, which fell to a new multi-year low, was also supportive.
Cotton futures were down in nearby months as March's premium to new-crop December has completely evaporated, which is a negative market signal.
In the livestock complex, live cattle futures ended higher, boosted by firm wholesale beef prices and by stronger cash trade that emerged on Friday.
That cash trade in the Plains, at $130, was up $4 from the prior week.
The stronger cash prices will, however, keep pressure on packer margins, which were negative throughout the week.
Lean hog futures were down on the week amid significant pressure in the cash market.
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