In the News

The next issue of Agri Marketing will include a comprehensive report on Bayer Cropscience. For more information contact Audrey Evans at AudreyE@AgriMarketing.com.

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0600	3.7125	3.6750
Soybeans	-0.1275	9.1825	8.8875
Wheat	-0.0825	5.0600	5.1475
Cattle	-0.05	124.98	119.10
Hogs	-1.90	72.00	63.75
Cotton	+0.12	66.69	78.28
Milk	-0.55	18.54	14.88
Crude Oil	+0.54	57.78	56.46

Grain and oilseed futures were mostly lower. It was a dull week for corn until Friday, when futures sank on harvest pressure and poor export demand. Corn export sales for the marketing year thus far are down 47% from last year, while shipments are down 61%. The weakness in corn helped to weigh on wheat, which is also suffering from lackluster demand. Chicago wheat fell to multi-week lows. Soybeans were down on the week but firmed up on Friday on solid weekly export sales and a record-large NOPA crush. The news on China during the week was limited and generally bearish for the markets, as any headline indicating progress seems to be followed shortly thereafter by a headline indicating a fresh setback. The bottom line is the chance for a "phase one" trade deal being signed in December is dwindling. Cotton futures were up slightly on the week, having found trend line support and getting a boost on Friday by a marketing-year high in weekly export sales. The weekly sales included a large purchase by China. Crude oil rallied on Friday amid a bullish stock market, as the Dow made another all-time high.

In the livestock complex, live cattle futures continued to find support from strong wholesale beef prices, firm cash cattle margins and enormous packer margins that are supportive to demand. However, after making new multi-month highs early in the week, February and April live cattle backed off, without challenging their contract highs. Plains cash cattle trade was steady to a dollar higher from the prior week. Lean hog futures started the week out by surging to three-week highs on strong wholesale pork values, but the market reversed lower on Tuesday and sold off the rest of the week. Record-large hog supplies are the main bearish factor.

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