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.

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0150	3.6100	3.8875
Soybeans	-0.0375	8.9525	10.6075
Wheat	-0.0325	4.6450	4.8100
Cattle	+1.10	121.45	103.70
Hogs	-0.47	98.50	77.25
Cotton	+0.27	78.86	83.00
Milk	+0.00	15.76	14.63
Crude Oil	+0.74	63.82	67.07

Grain and soybean futures were mostly lower on the week amid choppy trade. Sloppy conditions and a less-than-ideal forecast for the Midwest for the latter half of April helped to limit the downside, but lackluster demand is limiting buying interest. USDA's monthly Supply and Demand report reaffirmed the weak demand for corn in particular, as the agency slashed its 2018-19 corn use estimates for feed, exports and ethanol. The report did not contain big surprises for soybeans or wheat, reinforcing that large supplies will remain an issue. Continued increases in South America crop expectations hung over the soybean market, and winter wheat futures were pressured by ample soil moisture and good crop ratings for hard red winter wheat in particular. It is still early to be too worried about Midwest planting, but the trade will be closely watching weather forecasts for early May. The USDA report was negative for cotton and rice, although cotton was boosted by another week of strong export sales. Rice export demand is weak. Crude oil futures rose for the sixth straight week, to a five-month high with help from OPEC production cuts.

In the livestock complex, lean hog futures were mixed, with some strength in deferred contracts on ongoing concern about African swine fever in China. The expectation is that the crisis there will lead to increased U.S. pork exports, and that was bolstered by a huge pork sale to China in the weekly sales report. Various hog contracts were within striking distance of recent contract highs. A key question is how pork demand will hold up amid rising prices. Live cattle futures held firm amid choppy trade for the second straight week. That market is supported by the strength in hogs. Plains cash cattle trade was mostly weaker however, at $124.

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