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April 1, 2019
In the News
The next issue of Agri Marketing will feature Salutes to NAMA's Leaders of the Year: Lynn Huston, John Deere Financial; Zippy Duval, Farm Bureau, and Dean Broadhead, broadhead. To schedule your congratulatory ad contact Audrey Evans: AudreyE@AgriMarketing.com; 515-954-8589.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.2175 | 3.5650 | 3.8775 |
| Soybeans | -0.1950 | 8.8425 | 10.4475 |
| Wheat | -0.0825 | 4.5775 | 4.5100 |
| Cattle | -4.50 | 119.00 | 102.575 |
| Hogs | -7.13 | 88.55 | 76.55 |
| Cotton | +1.03 | 77.61 | 81.46 |
| Milk | +0.32 | 15.61 | 14.27 |
| Crude Oil | +1.10 | 60.14 | 64.94 |
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Grain and soybean futures tumbled as Friday's USDA reports came in bearish.
This was particularly true of corn.
USDA's corn Prospective Plantings estimate of 92.792 million acres was above the range of pre-report analyst estimates and well above the average trade estimate of 91.332 million.
The question is how seriously traders will take it going forward, as virtually all of the survey responses came before flooding devastated parts of Iowa and Nebraska.
USDA's March 1 stocks estimate was also much higher than expected for corn, indicating disappointing demand during the quarter.
Soybean futures were pressured late in the week by corn's decline, although USDA's acreage report actually showed soybean planting intentions lower than expected.
Disappointing demand and a lack of positive news about U.S.-China trade negotiations weighed on the market, although late Friday U.S.
officials indicated that talks in Beijing were constructive.
U.S.
and Chinese officials are meeting again in Washington this week.
Wheat futures were lower despite some fresh export demand.
Benign conditions for winter wheat across most of the Northern Hemisphere weigh on the market.
Cotton futures were higher, lifted on Friday by a surprisingly low planted acreage estimate.
Cotton was also supported by crude oil, which made a fresh four-month high.
In the livestock complex, lean hog futures tumbled amid profit-taking and speculative selling as the market pulled back from its recent contract highs.
The selling in the market accelerated on Thursday when weekly pork export sales did not show a large sale to China, as some were anticipating.
Meanwhile the rally in cash hog markets in the Midwest has stalled.
The quarterly Hogs and Pigs report was mostly in line with expectations.
Live cattle futures also fell, pressured by the hog market and technical selling.
Cattle started the week under pressure from the bearish March 22 Cattle on Feed report.
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