In the News

The next issue of Agri Marketing will include salutes to NAMA'S AgBusiness Leaders of the Year award honorees: Tim Hassinger, former Pres/CEO of Dow AgroScieneces and Lindsay Corp., Amy Bugg of AgroLiquid and Chad Gregory, United Egg Producers. To schedule your congratulatory ad, contact Audrey Evans at AudreyE@AgriMarketing.com

Highlights From "A Vision for Animal Agriculture" Forum Hosted By Elanco And Agri-Pulse
OBP's Rural Spirit Awards Nominations Now Open To Celebrate Champions Of Rural America
C.O.nxt Issues New paper "Five Things You Need To Know About The Blockchain"

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0975	5.2725	3.7525
Soybeans	-0.0250	12.8400	10.2850
Wheat	+0.2025	7.0875	5.5625
Cattle	-0.70	127.53	111.33
Hogs	-1.05	75.05	63.63
Cotton	-1.17	92.33	65.85
Milk	-0.36	16.98	17.95
Crude Oil	+2.70	71.83	41.22

Grain and soybean futures were mixed on the week, with modest strength in corn and wheat, while soybeans fell. The soybeans were pressured by the ongoing harvest and by the ongoing disruptions to exports at the U.S. Gulf, which is getting the new marketing year off to a very slow start from an export perspective. The situation at the Gulf is gradually improving, but for some facilities it may still be weeks before things are back to "normal." The trade is watching yield reports, which so far seem to be solid, but unspectacular. A mostly favorable Midwest weather outlook should keep the harvest moving at a decent clip. However dryness remains a concern in the Plains, clouding the outlook for the winter wheat crop. Cotton futures were under pressure during the week and ended it right on the brink of breaking major trend line support. The market has pressure from a West Texas crop outlook that has steadily improved, as well as from demand concerns tied to the health of the global economy. Reports of a debt crisis at a major Chinese property developer is feeding concern about "contagion" that could impact the entire economy.

In the livestock complex, live cattle futures tried to rebound after falling discount to the cash market, but struggled as commodity funds continued to liquidate their large long position in the market. Seasonal weakness in wholesale beef prices remained a negative factor along with adequate fed cattle supplies. Demand concerns were also fueled by indications beef prices have risen high enough to dull consumer demand. Most lean hog futures contracts finished the week slightly lower after being pressured by further technically-driven long liquidation and cash price weakness. However, deferred futures signaled that they may have reached significant price lows, with most charting bullish reversals off six-month lows.

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