In the News

The next issue of Agri Marketing will include an update on Farm Broadcasting and marketing to Fruit & Vegetable growers. To schedule your organization's ad contact Audrey Evans: AudreyE@AgriMarketing.com; 515/954-8589.

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0250	3.4050	3.7025
Soybeans	+0.0600	9.0475	8.7300
Wheat	+0.2550	5.3500	4.6800
Cattle	-1.68	108.55	100.23
Hogs	+1.23	54.25	63.30
Cotton	+1.43	64.28	59.94
Milk	-1.75	15.13	17.55
Crude Oil	-0.04	42.27	55.68

Grain and oilseed futures were higher on the week, with support from continued strong export demand from China and concerns about Midwest corn and soybean crops. The concern about the corn crop is mainly tied to the Derecho that flattened fields across Iowa and Illinois earlier in the month. For soybeans, the crop worries largely stem from dryness and drought across the Midwest, particularly in Iowa. The Pro Farmer crop tour affirmed the impact of both drought and the Derecho, although the price upside has still been limited by the reality that supplies of both corn and soybeans are likely to remain comfortable in the 2020-21 marketing year.. China remained a steady buyer of U.S. soybeans during the week and also made a large purchase of U.S. corn. Wheat futures posted large gains amid technical buying as well as crop issues in Argentina and in parts of Europe. Cotton futures rose steadily during the week and made a two-week high. Rice futures made a seven-week high. Crude oil remained stuck in a sideways pattern in the low 40s. The biggest mover in the commodity complex was lumber, as lumber futures soared to an all-time high on strong demand and supply disruptions tied to the pandemic.

In the livestock complex, live cattle slumped amid expectations that USDA would show a big jump in placements in its monthly Cattle on Feed report. That Friday afternoon report was even more bearish than expected with placements at 111% of a year ago, topping all analyst expectations. Cash cattle markets remained firm however, with negotiated live cattle trade in Kansas taking place mostly at $106, $2 higher than last week as movement remained good. Lean hog futures were higher amid optimism about Chinese pork demand, although gains were limited by soft cash markets and wholesale pork values.

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