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March 2, 2020
In the News
The next issue of Agri Marketing will include an update on the U.S. dairy market.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0625 | 3.7450 | 3.7075 |
| Soybeans | -0.0625 | 8.9275 | 9.1025 |
| Wheat | -0.2700 | 5.2500 | 459.50 |
| Cattle | -10.680 | 107.580 | 129.85 |
| Hogs | -4.7500 | 62.280 | 55.88 |
| Cotton | -7.5100 | 61.49 | 72.82 |
| Milk | -0.3100 | 16.31 | 15.24 |
| Crude Oil | -8.6200 | 44.75 | 57.22 |
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Ag commodity markets tumbled along with financial markets as investors entered a state of near-panic over the spread of the coronavirus and its impact on the global economy.
Corn, wheat, soybeans and other markets fell, with wheat seeing the most pressure in the grains complex.
The coronavirus outbreak is now spreading faster outside China than inside.
Early in the week concerns erupted over a sharp rise in cases in Iran, South Korea and Italy, and by the end of the week there was a growing sense that coronavirus would become a crisis in the U.S.
as well.
Corporations are lowering their earnings outlooks and economists are downgrading expectations for the global economy in the first half of the year.
None of this will be good for commodity demand, as diners eat out less, motorists use less fuel and trade comes to a virtual halt in some cases.
Cotton was hit particularly hard, with its losses mirroring those in the stock market.
Grains traders are watching the South American crop outlook as well as the early planting outlook for the U.S.
South and lower Midwest, but those issues are taking a back seat for now.
The Dow fell more than 3,000 points on the week as the stock market entered correction territory.
Crude oil fell to its lowest level in more than a year.
The livestock complex wasn't spared either, with live cattle posting one of its worst weeks ever on demand concerns and making new contract lows.
Plains cash cattle trade started early on the week, as sharp declines in futures drove feedlots to accept lower prices.
Lean hog futures also fell, with pressure from the continued lack of Chinese pork buying and larger-than-expected hog slaughters.
Longer-term, there is still reason for optimism about Chinese demand for U.S.
pork.
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