In the News

Pioneer brand Qrome products named Agri Marketing magazine's 2020 Product of the Year. Syngenta's Saltro fungicide is named NEW POY. To schedule your congratulatory ad in next issue, contact Audrey Evans at AudreyE@AgriMarketing.com

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.4650	5.4700	3.8425
Soybeans	+0.5825	13.7000	8.9300
Wheat	+0.2850	6.6300	5.6225
Cattle	-1.68	115.05	120.23
Hogs	-0.13	69.80	68.63
Cotton	-0.92	80.64	70.06
Milk	-0.93	16.61	17.98
Crude Oil	-0.02	52.25	53.33

Grain and oilseed prices soared once again, as a Chinese corn-buying spree ignited the complex. China's near-daily purchases during the week totaled nearly 6 million metric tons, raising questions about the country's corn needs, and fueling prospects of other countries stepping in to make sure they lock in their own needs. Nearby corn futures soared to a 7 1/2 -year high. Deferred contracts were more subdued, but also posted solid gains. Soybeans were volatile but also higher on the strength in corn. The soybean market also had some support from concerns about rains disrupting the Brazil harvest. Wheat was also lifted by corn, as high corn prices are bringing more wheat into the feed mix. Cotton futures posted their 8th straight monthly gain in January, for the week it posted its first weekly loss in five weeks as the market's prolonged rally ran out of steam. A firm U.S. dollar weighed, along with weaker equities. Rice futures made new contract highs amid uneasiness about global food security. Grains traders are starting to look to spring planting, with plenty of "competition" among various crops due to the high prices.

In the livestock complex, live cattle futures shook off a mildly negative Cattle on Feed report to rally early in the week, and then the market made new highs on Friday before selling off sharply as futures' premium to cash spurred profit-taking. Plains cash cattle trade was stronger, up by as much as $3 from the prior week. Harsh winter weather in the Plains is supportive. Lean hog futures started the week strongly, with summer month contracts moving to new highs again spurred by prospects for tightening hog supplies, anticipation of strong pork demand and ideas U.S. hog herd liquidation continues amid surging feed costs. Futures went into consolidation mode after Tuesday, though, as some speculative profit taking emerged.

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