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March 16, 2020
In the News
The next issue of Agri Marketing magazine will feature the Best of NAMA winners! To schedule your ad, contact Audrey Evans at AudreyE@AgriMarketing.com
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A Strong Tomorrow
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1025 | 3.6575 | 3.7025 |
| Soybeans | -0.4250 | 8.4875 | 8.9850 |
| Wheat | -0.0975 | 5.0600 | 4.5275 |
| Cattle | -10.18 | 95.58 | 127.40 |
| Hogs | -9.55 | 56.38 | 65.80 |
| Cotton | -2.30 | 60.49 | 74.30 |
| Milk | -0.11 | 15.92 | 15.09 |
| Crude Oil | -9.28 | 32.00 | 58.61 |
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Grain and soybean futures fell sharply along with the stock market amid panic over the coronavirus pandemic and how the effort to stop it would halt the global economy.
Soybeans were the biggest loser, dropping to new contract lows and a six-month low on a front-month basis.
Losses in corn and wheat weren't as severe, but the trend remained lower and the mood pessimistic.
Cotton futures also tumbled to new lows.
The crisis appears to be easing in China, the origin of the outbreak, but with the epicenter shifting to western Europe and to a lesser extent the U.S., fears about demand are causing a panic among investors.
The stock market had its worst day since Black Monday in 1987.
Weakness in the grains complex and equities early in the week was driven less by the coronavirus than by crude oil specifically, as crude prices crashed on Saudi Arabia and Russia launching a price war after failing to reach an agreement on production cuts.
The plunge in crude oil will mean cheap gas, but with schools and many businesses closed, motorists won't get to take advantage.
Lower crude prices are feeding fears about U.S.
shale operations, and how their failure could spread to the broader economy.
The livestock complex didn't stand much of a chance given the plunging stock market.
Live cattle futures tumbled to new contract lows, and by Friday lean hogs had followed suit.
Both cattle and hogs fell limit down on Thursday and Friday.
Traders are trying to gauge the demand impact for beef and pork, and at this point that is a nearly impossible task.
While certainly not bullish for demand, in the short-term consumers have emptied grocery stores of beef, providing at least a short-term boost.
Plains cash cattle trade fell sharply during the week.
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