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April 6, 2020
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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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1525 | 3.3075 | 3.6275 |
| Soybeans | -0.2725 | 8.5425 | 8.9875 |
| Wheat | -0.2200 | 5.4925 | 4.7100 |
| Cattle | -8.58 | 80.85 | 119.00 |
| Hogs | -15.93 | 48.33 | 94.85 |
| Cotton | -0.35 | 50.98 | 77.05 |
| Milk | -1.72 | 12.15 | 15.67 |
| Crude Oil | +7.26 | 28.77 | 62.46 |
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Another bearish week for the ag complex as markets were pressured by the deteriorating demand outlook amid the global pandemic.
Corn futures slid to new contract lows as the ethanol industry sees a dramatic drop in production.
Gasoline demand is falling off a cliff and is expected to stay that way throughout this month at least as most of the U.S.
is under some form of lockdown.
Despite that, crude oil futures were actually higher on the week thanks to a late-week surge on the prospect of production cuts by OPEC and Russia.
The other bearish factor for the corn market was USDA's Prospective Plantings report, which showed corn acres at 97 million, much higher than the trade was expecting.
While much of the trade is dismissing the corn acreage survey as well as the survey's projection of cotton acres staying flat with a year ago, the survey should nonetheless keep a lid prices.
Cotton futures made a fresh 11-year low before rebounding late in the week.
USDA's report meanwhile was friendly for soybeans, reaffirming tightening supplies.
Some markets have support from concerns about global food security, particularly rice, which made a fresh six-year high on Friday.
It was another terrible week for protein producers, as live cattle, lean hogs and Class III milk futures all fell sharply.
Cattle and hogs spent a good portion of the week limit-down, as traders readjust their demand outlook with consumers having already filled up their freezers in March and restaurants remaining closed.
There are also concerns about plant disruptions or closures due to the coronavirus, fed by positive tests at JBS plants in Pennsylvania and Colorado.
Along with beef and pork, dairy prices are also take a big hit as schools are closed, and dairy farmers around the country are being forced to dump milk.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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