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February 25, 2019
In the News
Agri Marketing's March issue will include an update on the Dairy market. Coming in April: a Salute to the Nat'l Assn of Farm Broadcasting's (NAFB) 75th anniversary!
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0175 | 3.8450 | 3.7475 |
| Soybeans | +0.0225 | 9.2375 | 10.4325 |
| Wheat | -0.1525 | 4.9175 | 4.6425 |
| Cattle | +1.70 | 128.88 | 125.375 |
| Hogs | -4.08 | 55.45 | 71.28 |
| Cotton | +1.15 | 73.01 | 79.47 |
| Milk | +0.38 | 14.91 | 13.88 |
| Crude Oil | +1.22 | 57.20 | 62.77 |
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Corn and soybean futures were steady on the week, with underpinning from optimism about U.S.-China trade.
That optimism was partially affirmed on Friday, as after the markets closed USDA Secretary Sonny Perdue said China had promised to buy an additional 10 million metric tons of U.S.
soybeans.
Then on Sunday, President Trump extended the deadline for an agreement, preventing new tariffs from going into effect on March 1.
South American weather is mostly favorable and a negative market factor for corn and soybeans.
In the U.S., cold and wet conditions are starting to point to a sluggish start to spring fieldwork, although it is too soon to worry about late planting.
USDA issued fresh acreage and balance sheet projections at its annual Ag Outlook Forum, showing corn, soybean and wheat carryouts for 2019-20 all down between 50 and 100 million from a year earlier.
USDA's projections also reaffirmed expectations for increased corn acres and reduced soybean acres in 2019.
Regardless, corn and soybean supplies are likely to remain comfortable.
Wheat futures tumbled on technical selling, weak export demand and the lack of a significant crop threat.
Cotton futures rebounded after sharp recent losses.
In the livestock complex, lean hog futures traders endured a wild week.
Prices collapsed to long-term lows on Tuesday and Wednesday amid ample hog supplies and demand concerns, only to surge back on Thursday on optimism about Chinese buying and a U.S.-China trade deal.
Nearby futures remained under pressure, however, due to weak cash hog prices.
Deferred contracts look to have made a significant price low.
In live cattle, futures rallied on firm cash trade, expectations for tightening fed cattle supplies, and technical buying.
USDA on Friday released a delayed January Cattle-on-Feed report that showed the Jan.
1 feedlot inventory at 101.7% of a year earlier, compared with an average trade forecast of 102.2%.
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