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	-0.0975	5.3875	3.8300
Soybeans	+0.0525	13.7200	8.9250
Wheat	-0.0450	6.4125	5.4850
Cattle	+1.40	125.18	117.85
Hogs	+4.90	85.20	63.78
Cotton	+4.53	87.27	69.24
Milk	-0.12	16.57	17.29
Crude Oil	+2.73	59.43	51.41

Grain and soybean futures were mixed in a week that lacked much direction for several markets. The corn market was hit with a bearish USDA Supply and Demand report, which raised projected corn exports by only 50 million bushels, much less than many were expecting after China's buying spree at the start of the month. Despite those strong sales to China, the possibility of cancellations will continue to hang over the market, and weekly export shipments will have to continue on a remarkably strong pace to meet USDA's corn export target. The USDA report was mostly a non-factor for other markets. Wheat futures were soft, with concerns about winterkill in the Plains offset by a lack of crop problems elsewhere in the world. Soybean futures remained firm, with underpinning from a sluggish harvest in Brazil and strong crush demand. Cotton futures soared, making new contract highs and a 2 1/2 -year high on a front-month basis, with support from concerns about U.S. planted acreage as southern farmers have other financially attractive planting options. Cotton also had help from crude oil, which rallied to another 13-month high.

In the livestock complex, lean hog futures soared, rallying to new contract highs amid strong pork prices and optimism about demand from China, which is still dealing with disease issues in its hog supply. Live cattle were more choppy during the week but ended on a strong note with its own contract highs. Plains cash prices were up on the week and the cattle complex had support from the brutal cold snap, which has persisted now for more than a week, sending temperatures more than 30 below zero in parts of the Plains dumping snow as far south as Houston. Optimism about the economy as Covid cases drop in the U.S. and vaccinations pick up is supportive to the commodity demand outlook generally.

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