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May 4, 2020
In the News
The next issue of Agri Marketing will include salutes to NAMA's leaders of the year: Scott Druker, Arm & Hammer, Sara Steever, Paulsen and Dennis Slater, AEM. To schedule your congratulatory ad, contact Audrey Evans: AudreyE@AgriMarketing.com
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0450 | 3.1850 | 3.6850 |
| Soybeans | +0.1000 | 8.4950 | 8.5175 |
| Wheat | -0.1400 | 5.1650 | 4.3600 |
| Cattle | +4.63 | 87.25 | 113.88 |
| Hogs | +11.18 | 62.70 | 91.23 |
| Cotton | +0.21 | 55.84 | 76.71 |
| Milk | +0.55 | 12.21 | 16.26 |
| Crude Oil | +2.80 | 19.74 | 63.60 |
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Grain and oilseed futures were mixed on the week, with losses in corn and wheat, while soybeans and cotton were higher.
The latter two contracts had support from recent export demand from China, including strong weekly cotton export sales.
However the trade outlook with China remains very unclear, as China isn't meeting the commitments spelled out in the "Phase One" trade deal, and the U.S.
continues to criticize China's handling of the early stages of the coronavirus outbreak.
The deterioration of relations could have implications for trade.
Corn futures were pressured by rapid planting progress over each of the past two weeks, particularly in the western Corn Belt.
Despite the favorable start, there are weather concerns due to an expected cold snap that could cause freezes in the northern and eastern areas of the Corn Belt.
Wheat futures were pressured by improving weather in Europe, including much-needed rain from France to the Black Sea region, but the downside in Kansas City wheat was limited by deteriorating crop conditions tied to dryness and freezing temperatures earlier in the month.
In the rice market, nearby futures soared to a 12-year high in highly volatile trade amid tight near-term supplies and concerns about global food security.
In the livestock complex, both live cattle and lean hog futures soared, as further disruptions at packer plants due to the pandemic fueled fears of shortages at the grocery store.
Wholesale beef and pork prices soared, and beef prices in particular showed phenomenal price gains on their way to record highs.
Large processors are in the midst of an unprecedented crisis, and Tyson Food's CEO is estimating hog processing capacity is running at about 50%.
President Trump's executive order keeping packer plants open is having a limited impact in the short-term, as questions remain about employee availability.
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