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March 8, 2021
In the News
The next issue of Agri Marketing will include a focus report on Dairy and an update on Farm Broadcasting. To schedule your ad contact Audrey Evans at AudreyE@AgriMarketing.com.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0200 | 5.4550 | 3.8175 |
| Soybeans | +0.2575 | 14.3000 | 8.9700 |
| Wheat | -0.0725 | 6.5300 | 5.1875 |
| Cattle | -0.97 | 119.03 | 108.65 |
| Hogs | +0.02 | 87.18 | 65.38 |
| Cotton | -1.07 | 87.76 | 63.35 |
| Milk | +0.23 | 17.66 | 16.06 |
| Crude Oil | 4.77 | 66.27 | 45.90 |
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Soybeans were the top performer in a grain and oilseed complex characterized by choppy trade during the week.
The market had support late in the week amid increased concerns about tight U.S.
supplies, Brazilian harvest delays and hot, dry weather in Argentina.
Ideas USDA could lower its already-very-tight 2020-21 U.S.
soybean carryout further in the March 9 supply/demand report were also a supportive market factor.
Other markets, including corn and wheat, struggled, with pressure from a strong U.S.
dollar and a lack of fresh demand news.
The weather pattern in the U.S.
meanwhile looks mostly benign in the very early stages of spring, although drought in the western Corn Belt and Plains should remain a concern for weeks to come.
Uncertainty about acreage is supportive of the complex as a whole.
Cotton futures were in retreat amid profit-taking and technical selling, with signs the market's nearly year-long rally may finally be nearing an end.
Outside financial markets continued to indicate bullishness on the economy, as the vaccination rate continues to climb at the Labor Department issued a bullish February jobs report.
Crude oil surged to a 14-month high as OPEC and Russia agreed to extend production cuts through the end of April.
In the livestock complex, live cattle futures were lower.
The near-term cash market fundamentals remain negative with beef cutout values continuing to fall and cattle supplies ample to meet packer demand.
Still, the downside for cash cattle prices does not look great with packers continuing to enjoy big operating margins.
Lean hog futures were firm with support from rising cash hog prices, concerns about increased disease issues in China and expectations for tightening U.S.
hog supplies.
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