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May 6, 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 | +0.0950 | 3.7075 | 4.0800 |
| Soybeans | -0.2475 | 8.4225 | 10.5325 |
| Wheat | -0.0450 | 4.3800 | 5.3800 |
| Cattle | -1.63 | 113.43 | 106.525 |
| Hogs | +4.00 | 92.75 | 73.50 |
| Cotton | -2.02 | 75.68 | 84.50 |
| Milk | +0.23 | 16.62 | 15.59 |
| Crude Oil | -1.46 | 61.84 | 68.43 |
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The grain and oilseeds complex was mostly lower on the week, with the big exception being corn, which gained on growing concern about planting delays.
Soggy weather across much of the Midwest throughout the week kept planting progress minimal, and longer-range forecasts showing more rain this week fed the concern.
Heavy rains in already saturated areas also caused major flooding in the Mississippi River system, with flood levels breaking the 1993 record in Rock Island, Ill., and halting river traffic up and down the system.
While the rains could lead to a reduction in corn planting, it is too soon for it to have much of a negative impact on soybean planting.
Wheat futures fell to new contract lows on a strong hard red winter wheat outlook, reaffirmed by the annual Wheat Quality Council crop tour in Kansas, as well as favorable conditions across Europe.
Cotton futures tumbled on outside market pressure and rains in West Texas, which fed growing sentiment that this year's crop will be large.
Crude oil fell sharply, pressured in part by a large weekly stockpiles build.
Traders across the commodity complex continued to watch U.S.-China trade talks, with optimism late last week about a deal fading over the weekend as President Trump threatened more tariffs on China.
In the livestock complex, lean hog futures surged in the second half of the week, rallying amid continued speculative buying on the African swine fever crisis in China and expectations it will spur more buying of U.S.
pork.
Optimism about a U.S.-China trade deal fed ideas that large Chinese purchases could occur soon.
Live cattle and feeder cattle futures continue to collapse, as speculating traders holding long positions continued to stampede for the exits.
Weaker wholesale beef prices and a drop in cash cattle trade provided fundamental reasons for the decline.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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