In the News

The next issue of Agri Marketing will feature Salutes to NAMA's Leaders of the Year: Calvin Ernst, Ernst Conservation Seeds; Kendal Frazier, NCBA, and Ed Peck, Filament. To schedule your congratulatory ad contact Audrey Evans: AudreyE@AgriMarketing.com; 515-954-8589.

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0075	3.8850	3.6075
Soybeans	-0.1100	10.3375	9.4150
Wheat	+0.2125	4.7225	4.2325
Cattle	-0.25	102.33	118.80
Hogs	-3.27	73.28	63.92
Cotton	+1.08	82.54	74.51
Milk	+0.14	14.41	15.14
Crude Oil	-2.88	62.06	51.70

It was another volatile week in the grains complex, as traders tried to keep up with the latest news in the U.S.-China trade dispute while watching Midwest weather and South America crop estimates. Soybeans were down, pressured by China's plan to slap a 25% tariff on U.S. soybean exports. There's “headline risk” in the markets right now, and prices were pressured late in the week when news emerged that President Trump was considering slapping another $100 billion in tariffs on China. While trade groups are critical of the tariffs and farmers are concerned, some importers appear to be booking deals now before tariffs take effect, and there are still hopes that the two sides can negotiate their way out of the situation. Meanwhile the corn market is underpinned by the record-setting cold and snow lingering in the Midwest, which threatens to delay planting. The forecast through mid-April remains unfavorable. Wheat futures have also climbed on the weather, including extreme drought in the southwest Plains and prolonged winter conditions in the northern Plains, which raises questions about spring wheat planting. Cotton futures have also been boosted by the dryness in the southwest Plains.

In the livestock complex, lean hog futures tumbled early in the week to new contract lows amid renewed pressure from the escalating China-U.S. trade tensions. The market did post bullish key reversals on Wednesday, a potential sign the market has made a bottom, but it was still lower on the week. Cash hog markets were weak amid ample supplies, but should strengthen seasonally as supplies start to contract. Live cattle futures also tumbled to new lows early in the week before posting a key reversal higher. Signs that futures are oversold and underpriced relative to cash helped to underpin prices. Cash prices should remain under pressure however amid big cattle supplies.

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