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July 8, 2019

In the News

The next issue of Agri Marketing will include the annual listing of Ag & Rural Shows. To schedule your organization's ad contact Audrey Evans: AudreyE@AgriMarketing.com; 515/954-8589.





WEEKLY COMMODITY HIGHLIGHTS

Nearby
Futures
Weekly
Change
Friday's
Close
Year
Ago
Corn+0.10754.42253.6450
Soybeans-0.28508.94508.5575
Wheat-0.12255.15005.0550
Cattle+2.65107.00106.375
Hogs+1.0577.0576.05
Cotton+0.7466.8281.96
Milk+0.3017.8914.86
Crude Oil-0.9057.5772.94
Grain and soybean futures were mixed on the week, as traders reassessed the USDA's acreage report released the prior Friday. Corn futures ended the week strongly, more than 20 cents off a July 2 low. Despite favorable Midwest weather and lousy export demand, the market continues to have underpinning from crop concerns, including skepticism over USDA's June acreage estimate and pessimism about yields in a year in which the crop was planted very late. On the other hand traders largely believe USDA's soybean acreage estimate was much too low, which helped to weigh on soybean futures. A warmer, drier pattern has settled in to the Midwest, aiding crops that have been planted without raising concerns about drought stress. Subsoil moisture levels remain comfortable across the Midwest. Wheat futures were lower amid U.S. harvest pressure and generally favorable crop outlooks across the Northern Hemisphere. Cotton futures were higher. Cotton and some other markets may have had some support from optimism about U.S.-China trade, but as of the second week of July there are no convincing signals that the two sides are poised for a breakthrough. Crude oil futures were lower.

In the livestock complex, live cattle futures rallied and made multi-week highs, boosted by solid Plains cash cattle trade. Seasonal strength and strong packer margins are expected to continue to underpin cash prices. Wholesale beef prices, however, remain rather soft. Lean hog futures were mostly higher on the week, although nearby August hogs were higher. Other contracts ended the week meekly and appeared poised to test their major June lows. Packer margins remain nonexistent, as hog supplies are ample. Although African swine fever remains a crisis for China, it has not yet translated into a big shift in U.S. pork export demand.

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