In the News

The next issue of Agri Marketing will include a Salute to Farm Broadcasting. To schedule your organization's ad, contact Audrey Evans: AudreyE@AgriMarketing.com. Stay vigilant and safe.

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Soils are different. Moisture, growing season - so many variables influence our coast-to-coast readers' and users' production decisions. One broad editorial sweep just doesn't serve their needs.
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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0225	3.4600	3.7375
Soybeans	+0.1900	8.8150	8.8750
Wheat	+0.3200	5.7125	4.6950
Cattle	-0.10	89.43	119.60
Hogs	-3.70	64.25	94.80
Cotton	-2.35	51.33	76.95
Milk	-1.41	13.90	15.48
Crude Oil	-1.07	21.56	59.41

Grain and oilseed futures were mostly higher amid short-covering and unease over global food availability amid the ongoing pandemic. Many countries are considering export restrictions or food import needs due to the coronavirus, and while there's no reason for panic, governments where food prices quickly become a political issue are not going to take any chances. Countries in eastern Europe and Asia have enacted some mild export restrictions, and a cap on Russian grain exports in particular this spring caught traders' attention. The pandemic so far is supportive to prices of food staples such as wheat and rice. Meanwhile potential port disruptions in South America, particularly Argentina, helped to support soybean and soymeal futures. Gains in corn futures were limited by deteriorating basis levels in the U.S. and sharp reductions in ethanol production. Ethanol plants are idling or at least slowing down amid poor margins that have been exacerbated by the plunge in crude oil prices. Corn's downside was limited by the gains in wheat and by soggy conditions across much of the Midwest and South. The two-week weather forecast shows only limited relief as planting approaches.

Crude remained near an 18-year low, while gasoline demand fell off a cliff. The weakness in crude also helped keep pressure on cotton futures, which stayed near an 11-year low. The stock market was up on the week as a historic $2 trillion stimulus package worked its way through Congress. Despite those gains, the livestock complex was under pressure as wholesale beef and pork prices gave back part of their recent huge gains. While beef and pork demand at the retail level remained strong, consumers' frenzy to fill up their freezers died down. Meanwhile there continue to be concerns that processors will face major disruptions if or when employees start testing positive for the coronavirus

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