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	-0.0225	3.8625	3.7100
Soybeans	+0.2050	10.5425	9.5550
Wheat	+0.0025	4.7250	4.2975
Cattle	+1.33	103.65	125.38
Hogs	+4.38	77.65	62.45
Cotton	+1.17	83.35	75.62
Milk	+0.02	14.72	15.23
Crude Oil	+5.25	67.31	53.18

Although the monthly Supply and Demand report from USDA was mundane, it was another volatile week for soybeans, which rallied on export demand and Argentina crop losses. Recent export demand for soybeans was strong amid concerns of a Chinese tariff making beans more expensive. In addition, Argentina bought U.S. soybeans for the first time in more than a decade. Action in the corn market was subdued, while traders keep an eye on Midwest weather. Unusually cold and wet conditions across the Corn Belt are raising concerns about planting, although it is still early and the trade is mindful of how a large portion of the crop can get planted in a short window. Wheat futures surged to start the week on concerns about southern Plains drought, but spent the second half of the week in retreat, pressured by longer-range forecasts calling for some rain as well as lackluster demand. Cotton futures were up on the week, supported by USDA's increased export projection and drought in West Texas. Rice futures surged to a 2 ½-year high, despite a bearish USDA report and lackluster export sales. Crude oil futures soared to a three-year high, sparked by Middle East turmoil.

In the livestock complex, live cattle futures were modestly higher with support from their discount to cash, technical buying and firm Plains cash trade. Feedlots gained some leverage over packers for the first time in several weeks. Still, the outlook is for large year-over-year increases in market-ready cattle in the coming weeks. Wholesale beef prices were soft on the week. Lean hog futures soared amid signs of a seasonal bottom in cash prices. The upside in summer hogs contracts could be limited by their huge premium to cash. Also, wholesale pork values were soft, and packer margins have eroded significantly.

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