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The next issue of Agri Marketing will feature a Salute to Hawkeye Steel Products company celebrating its 100th anniversary. Mfgr of Pride of the Farm, Brower poultry and Span-Tech buildings. To schedule your congratulatory ad, contact Audrey Evans at: AudreyE@AgriMarketing.com

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0225	3.8350	3.7650
Soybeans	+0.0950	8.8200	9.1325
Wheat	+0.0500	5.5875	5.1325
Cattle	+0.13	119.80	119.35
Hogs	+4.65	66.25	70.68
Cotton	+0.25	67.75	72.81
Milk	-0.38	17.37	14.56
Crude Oil	+1.24	50.32	52.64

Corn was up modestly on the week, helped by solid recent export demand, hopes for U.S. export sales to China and short-covering after recent losses. Overall, the market remains in a sideways, choppy trading pattern. Soybeans were also higher, gaining nearly a dime as the market consolidated above recent long-term lows. Brazil's large soybean crop remained a negative market factor along with a strong dollar, as the Brazilian real fell to a new all-time low against the greenback. Beneficial rains in Argentina were also a negative market factor. Wheat futures were essentially flat in a quiet week, as the market lacked fresh demand news or a supply threat in the Northern Hemisphere. Cotton futures held firm despite outside market pressure, with underlying support from strong exports. Rice futures continued to hover within striking distance of their recent 5 1/2 -year high. Crude oil was higher on the week as concerns over the coronavirus and its impact on the global economy faded. The spread of the virus continues, however, and it is not clear that the "scare" is over. Meanwhile ag traders wait, mostly in vain, for signs of increased Chinese demand following the recent trade deal.

In the livestock complex, lean hog futures surged, bouncing back amid short-covering and bottom-picking after recent losses. This is a market that looks to have established a bottom. Despite the gains in futures, wholesale pork values were down nearly $5 on the week, and packer margins tightened. The slaughter rate continues to run well ahead of year-ago levels, but hog supplies should soon be running closer to a year earlier. Live cattle futures were steady as traders awaited direction from Plains cash trade. Wholesale beef prices were down on the week, and packer margins remain relatively tight. Worries about the economy could continue to keep a lid on the market.

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