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	-0.0225	3.6725	3.9175
Soybeans	-0.1450	8.9425	10.5325
Wheat	-0.2025	4.4825	4.8925
Cattle	1.22	122.68	105.28
Hogs	-1.75	96.75	78.53
Cotton	-0.59	78.27	82.61
Milk	-0.09	15.69	14.95
Crude Oil	0.05	64.07	68.47

Grain and soybean futures drifted lower last week with large U.S. supplies and sluggish demand maintaining pressure on prices. Corn contracts came under added fundamental pressure from an improving U.S. planting outlook and poor weekly export sales, but acreage uncertainty did limit losses. Soybean futures felt pressure from poor export sales and technically-driven selling amid a shortage of fresh news on U.S.-China trade negotiations. Wheat futures came under significant added pressure from favorable crop prospects in the U.S. and other major Northern Hemisphere wheat producing nations, especially Russia.

While nearby lean hog futures were pressured by speculative profit taking and their premium to cash markets last week, deferred contracts rose further on support from expectations for huge import demand from China as pork supplies tighten in that country following herd liquidation driven by African swine fever problems. Live cattle futures rose on support from firm Plains cash cattle trade, wholesale beef market strength and the continued hog/pork market strength. However, Friday's USDA Cattle-on-Feed report was bearish, pegging March feedlot placements above most trade estimates.
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