In the News

The next issue of Agri Marketing will include the annual listing of Ag & Rural Shows and an update on Farm Broadcasting. To schedule your organization's ad contact Audrey Evans: AudreyE@AgriMarketing.com; 515/954-8589.

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Virtually the Best

The Farm Progress Virtual Experience, powered by Farm Progress Show and Husker Harvest Days, is the NEW online event set for Sept. 15-17. Farmers and exhibitors know Farm Progress events move their businesses ahead, and FPVX is set to draw the industry together unlike any other virtual event.

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1725	3.3800	3.7025
Soybeans	+0.3125	8.9875	8.7800
Wheat	+0.0600	5.0950	4.7825
Cattle	+3.77	110.23	98.50
Hogs	+2.05	53.03	66.78
Cotton	+0.49	62.85	59.57
Milk	+0.65	16.88	17.80
Crude Oil	+0.82	42.31	55.25

Grain and soybean futures rallied, driven by fresh concerns about U.S. crop potential and continued soybean demand from China. An early-week storm led by an intense Derecho battered crops in Iowa and Illinois. The storm affected a wide swath of Iowa, knocking down corn crops and also destroying tens of millions of bushels in grain storage capacity. Determining the damage will be a slow and inexact process, with questions about how much corn was knocked down and how much of that corn snapped, or will still be harvestable. Meanwhile USDA's Wednesday Supply and Demand report showed a big jump in the estimated national soybean yield, to 53.3 bushels per acre from 49.8 last month. This was well above trade expectations. USDA also hiked its corn crop estimate, and along with it carryout, although these changes were more in line with expectations. USDA sees a corn yield of 181.8 bushels per acre, up from 178.5 last month. On the demand side, USDA reported fresh soybean sales to China every day of the week, even as there remains considerable uncertainty about U.S.-China relations and the latter's willingness to meet "Phase 1" trade deal commitments.

In the livestock complex, live cattle futures accelerated higher this week, with front-end contracts finishing higher all five sessions on support from surging cash cattle prices and a strengthening wholesale beef market. Feeder cattle futures rose with live cattle the first half of the week, but struggled on Thursday and Friday amid corn market strength and crop production uncertainty. Negotiated live cattle trade was at mostly $104 this week in the southern Plains, $4 higher than last week on good packer demand. We anticipate cash prices will continue to strengthen the next couple of weeks before Labor Day slaughter disruptions temporarily slow demand. Lean hog futures ended the week higher, with gains early and late in the week.

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