In the News

The April issue of Agri Marketing will include the Best of NAMA winners! To schedule your organization's ad contact Audrey Evans at AudreyE@AgriMarketing.com; Ph: 515-954-8589.

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0775	3.8275	3.6600
Soybeans	+0.1025	10.4950	10.0150
Wheat	-0.2150	4.6775	4.3600
Cattle	-2.55	111.75	119.20
Hogs	+1.45	79.13	69.90
Cotton	-1.67	82.85	78.17
Milk	+0.29	14.32	15.68
Crude Oil	+0.44	62.36	48.75

Grain and soybean futures were mixed on the week as traders continue to digest lower crop expectations in Argentina while assessing U.S. 2018 acreage. Wheat was lower, dropping late in the week on forecasts calling for improved rains in the southern Plains, although the southwest Plains continue to miss out on rains and remain extremely dry. Corn futures were also lower, retreating amid profit-taking despite continued robust export demand. Soybeans were up on the week, although trade was choppy and the market did not challenge recent contract highs. The Rosario Grains Exchange on Thursday slashed its Argentina crop estimate to 40 MMT, down 6.5 MMT from its prior forecast and 7 MMT below USDA's most recent forecast. Despite the drought problems in Argentina, soy bulls were unable to push soy futures higher in the face of a very large Brazil crop and expectations of increased U.S. acres. Cash markets for corn and soybeans were volatile, with basis bids weakening late in the week in the face of significant farmer selling. Cotton futures were down on the week, pressured by expectations of increased U.S. plantings. Selling pressure was limited by drought in West Texas and robust export demand.

In the livestock complex, live cattle futures were weaker, hitting new multi-week lows despite stronger-than-expected cash cattle trade and continued strength in wholesale beef prices. June futures were more than $15 discount to the majority of the week's Plains cash trade. Longer-term, the main question in the market is whether growing demand is strong enough to keep up with continued production increases. Lean hog futures were up on the week, rebounding from multi-month lows early in the week amid short-covering on ideas the market has established a short-term low. Cash hog fundamentals remain weak, and packers took advantage of ample hog supplies to bolster operating margins.

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