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May 13, 2019
In the News
The next issue of Agri Marketing will include a Salute to American Vanguard on its 50th anniversary! To schedule your congratulatory ad contact Audrey Evans: AudreyE@AgriMarketing, phone: 515-954-8589.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1900 | 3.5175 | 4.0200 |
| Soybeans | -0.3300 | 8.0925 | 10.2125 |
| Wheat | -0.1325 | 4.2475 | 5.0650 |
| Cattle | -0.97 | 112.45 | 107.525 |
| Hogs | -3.08 | 89.68 | 77.33 |
| Cotton | -7.23 | 68.45 | 84.56 |
| Milk | -0.26 | 16.32 | 15.83 |
| Crude Oil | -0.28 | 61.66 | 71.36 |
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Prices tumbled across the ag complex, as hopes of a trade deal with China in the near-term were crushed, prompting speculative liquidation.
The stage was set the weekend before, when President Trump announced on Twitter that he would raise tariffs on more Chinese products unless a trade deal was in place by Friday (May 10).
That came as Chinese officials were preparing to fly to the U.S.
for what were supposed to be "final stage" talks.
While the Chinese officials still made the trip, talks late in the week were brief.
China vowed retaliation, further escalating the trade war.
Soybeans and cotton were hit particularly hard by the developments.
Meanwhile USDA on Friday issued a Supply and Demand report that was bearish across the board, particularly for corn and cotton.
USDA lowered projected soybean exports and corn-use-for-ethanol, while projecting a large jump in cotton ending stocks for 2019-20.
The one positive market factor right now is planting delays, which have persisted through the Midwest and the Delta due to the harsh winter and soggy spring.
The coming week offers a crucial planting window, but the forecast will still be less than ideal in many areas.
Live cattle and lean hogs also fell, with the setback in U.S.-China negotiations pressure hogs in particular.
Most of the action in hogs was early in the week, and after a limit-down move on Monday, hogs traded a range of more than $6 on Tuesday before consolidating for much of the rest of the week.
Despite the trade breakdown, prospects for surging Chinese pork imports remain a powerful market factor, due to the ongoing African swine fever crisis.
Live cattle futures were also under pressure early in the week, amid disappointing beef demand, due in part to chilly spring weather.
June live cattle had fallen 13 of 14 sessions before rebounding Friday.
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