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May 18, 2020
In the News
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 | +0.0000 | 3.1925 | 3.6950 |
| Soybeans | -0.1200 | 8.3850 | 8.3350 |
| Wheat | -0.2175 | 5.0025 | 4.4875 |
| Cattle | +2.35 | 97.00 | 109.68 |
| Hogs | -3.83 | 57.88 | 91.83 |
| Cotton | +1.98 | 58.25 | 66.35 |
| Milk | +3.17 | 16.85 | 16.24 |
| Crude Oil | +3.30 | 29.47 | 62.24 |
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Grain and oilseed futures were mixed on the week, with a mostly favorable crop outlook and lackluster demand hanging over complex.
It was a remarkably quiet week for the corn market, which traded a tight range.
USDA on May 12 reaffirmed expectations of a 2020-21 corn carryout well in excess of 3 billion bushels, despite an expected rebound in exports and ethanol usage.
It will likely take severe crop problems to bring the carryout below 3 billion, and right now the outlook is mostly good with three-quarters of the crop planted and the forecast showing a mix of ample rain, sun and warmth.
The fundamental outlook for soybeans is tighter, but prices were pressured by pessimism about U.S.-China trade relations, as accusations over the coronavirus continue to fly back and forth between the two countries.
Wheat broke down to multi-month lows as lackluster export prospects offset concerns about the hard red winter wheat crop in the southwest Plains.
Cotton futures rallied with the help of another strong week of export sales to China, and nearby July rice futures continued to soar.
Crude oil futures rallied, as gasoline demand continues to rebound.
Early indications from China are that as the economy re-opens, vehicle traffic is actually up from a year ago, as commuters avoid mass transit and travelers avoid airplanes.
That bodes well for a rebound in ethanol.
Live cattle futures rallied, with nearby June leading the way as cash live cattle prices continued to recover on the back of huge packer margins and sky-high wholesale beef prices.
Cash trade late in the week at $120 was up $5 from a week earlier.
However, after soaring for weeks, wholesale beef prices are beating a fast retreat, with retailers apparently priced out of the market.
Lean hog futures were on the defensive throughout the week amid pressure from weaker wholesale pork values.
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