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The June issue of Agri Marketing will feature a Salute to AAEA-The Ag Communications Network on its 100th anniversary! To schedule your ad, contact Audrey Evans at 515-954-8589; AudreyE@AgriMarketing.com. Congratulations to the Ag Editors.

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0075	3.1925	3.6425
Soybeans	+0.0100	8.5050	8.2725
Wheat	+0.0550	5.2200	4.3900
Cattle	+7.40	94.65	111.08
Hogs	-1.00	61.70	88.55
Cotton	+0.43	56.27	72.31
Milk	+1.49	13.68	16.43
Crude Oil	+4.82	24.60	62.12

Grain and oilseed futures were mostly higher on the week, boosted by optimism over U.S.-China trade that emerged late in the week. Soybeans ended nearly 20 cents off the week's lows, with help from news Friday that U.S. and Chinese officials had spoken over the phone about meeting the Phase One trade deal commitments. That temporarily soothed rising concerns over the trade deal, and relations between the two countries as they argue over China's response to the coronavirus. China was an active buyer of some ag commodities over the prior week, including cotton and corn. Corn was underpinned by a cold snap in the Midwest that sent temperatures below freezing in the Corn Belt on multiple nights. Corn's upside however was limited by rapid planting progress and by expectations USDA will project 2020-21 corn ending stocks at more than 3 billion bushels in the May 12 Supply and Demand report. Cotton futures rebounded late in the week to end higher on optimism about Chinese demand and growing concerns over heat and dryness in West Texas. Rice futures posted a contract high close on Friday. Crude oil futures surged, driven in part by a continued rebound in gasoline demand as some states "re-open" their economies.

Live cattle futures surged as wholesale beef prices soared amid ongoing disruptions and closures and packer plants. Cash cattle prices in the southern Plains jumped by as much as $15 from the prior week, although it's uncertain how long cash cattle markets can sustain gains given the back up in supplies. Boxed Beef prices soared to new record highs again, although by the end of the week it looked like gains were slowing. Lean hog futures were soft, with the wholesale pork rally losing momentum due to high prices and recovering slaughter levels.

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