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April 27, 2020
In the News
The May issue of Agri Marketing will include the annual listing of the largest Ag/Rural Marketing Communications Agencies. Forms gathering that information will be e-mailed this week.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0625 | 3.2300 | 3.5600 |
| Soybeans | -0.0275 | 8.3950 | 8.6875 |
| Wheat | -0.0325 | 5.3050 | 4.3850 |
| Cattle | -3.68 | 82.63 | 118.35 |
| Hogs | +7.80 | 51.53 | 92.78 |
| Cotton | +2.77 | 55.63 | 77.12 |
| Milk | -0.51 | 11.65 | 16.05 |
| Crude Oil | -7.95 | 17.08 | 65.89 |
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Corn, wheat and soybeans suffered losses as the coronavirus pandemic and resulting economic fallout continue to weigh on commodity demand.
Corn fell to a four-year low early in the week, finding support at the 2016 low of $3.01.
A drop below that would open up more downside technically and put corn prices at levels last seen before the onset of the ethanol era.
The collapse of the ethanol industry continued, with Archer Daniels Midland announcing it was shuttering two of the largest plants in the country, at Columbus, Neb.
and Cedar Rapids, Iowa.
The grain complex is also dealing with a reduction in expected feed demand as more beef and pork processors closed.
In soybeans, losses were limited by the emergence of Chinese demand, as China made large purchases of U.S.
beans three days in a row.
The U.S.
planting outlook is mixed, with significant progress likely in the past week, but the forecast showing regular rains over the next 10 days.
Cotton futures rallied on rumors of Chinese buying.
Rice futures were the big gainer on the week, as nearby futures soared to a seven-year high amid tight near-term supplies and worries about global food security.
In the livestock complex, both live cattle and lean hog futures climbed, supported by short-covering and soaring wholesale product prices.
Both beef and pork prices surged as more processor plants closed due to coronavirus cases among their employees.
Large packers are warning of shortages of beef and pork at grocery stores due to the shutdowns, although the timing of those shortages is not yet clear.
The monthly Cattle on Feed report was friendly for prices, as it showed March feedlot placements at just 77.3% of a year earlier, slightly lower than expected and the smallest for the month since 1996.
April placements are likely running even lower given slaughter reductions.
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