In the News

Nat'l Agri-Marketing Assn's (NAMA) Annual Conference has been re-scheduled for August 11-13 at the Sheraton Kansas City Hotel at Crown Center. More info

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0100	3.3175	3.6000
Soybeans	+0.0925	8.6350	8.9875
Wheat	+0.0725	5.5650	4.5950
Cattle	+3.53	84.38	120.35
Hogs	+0.35	48.68	95.15
Cotton	+3.39	54.37	78.09
Milk	-0.75	11.43	15.85
Crude Oil	-5.58	22.76	63.98

Grain and oilseed futures were mostly higher in a holiday-shortened week, amid short-covering and some optimism about the coronavirus outbreak nearing a peak in the U.S. Corn was up on the week despite a large increase in USDA's 2019-20 carryout estimate on Thursday. USDA slashed its corn-use-for-ethanol estimate by 375 million bushels, and while that cut was partially offset by an increase in feed use, the outlook for feed use is also concerning as more meat processors close due to workers testing positive for the coronavirus. USDA's soybean balance sheet revisions were also bearish, as it raised its carryout to 480 million bushels, up from 425 million last month, on reduced exports. The report was not a major market-mover for wheat, but the market was firm on the week on a cold snap in the central and southern Plains, and on underlying concerns about global food security. Cotton futures were up on the week despite USDA's bearish increase in domestic carryout to 6.7 million bales, up from 5.1 million the prior month. This included a huge cut to projected exports. Cotton was helped by the stock market and overcome a sharp slide in crude oil futures, which tumbled on a very bleak demand picture.

The demand picture for the livestock complex is also turning bleak, although live cattle futures surged and lean hogs were higher last week. Rumors and fears of pork and beef processors shutting down have started to become a reality at some plants. Most notably, a Smithfield Foods pork processing plant in Sioux Falls announced it was shutting down for two weeks after dozens of employees tested positive for the coronavirus. There are beef processor closures as well, in Iowa and Pennsylvania, and growing concern that cattle and hog supplies will quickly start to back up.

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