In the News

Join the Canadian Agri-Marketing Association as it unveils its Best of CAMA ag comms winners this Thursday at 2pm EST. For more info click here.

Growers Frustrated EPA Opted Against Best Science In Evaluating Glyphosate, Atrazine, Simazine
Nat'l Pork Producers Council Weighs In On Proposed Rule For Labeling Cell-Cultured Protein
ADM, Temasek Will Form JV To Serve Fast-Growing Demand For Microbial-Based Alternative Protein Foods

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.2275	5.8500	4.1825
Soybeans	+0.3875	12.4425	11.4550
Wheat	+0.4875	8.2850	5.9725
Cattle	-1.03	136.10	114.80
Hogs	+1.08	80.55	66.73
Cotton	+1.84	115.08	70.62
Milk	+0.04	17.63	18.46
Crude Oil	-0.46	79.67	41.41

Grain and oilseed futures put forth another strong showing, with gains across the board amid fund-buying and optimism about exports. Tuesday's USDA report did not contain many surprises, but the markets reacted positively, particularly soybeans, which rallied after USDA raised projected carryout less than expected. That was due in part to a surprising cut in the 2021 soybean crop estimate. Export demand remains a concern for soybeans and USDA lowered its export estimate, though there was some bullish news on Friday as USDA reported record-high weekly soybean export shipments. Corn has been supported by much-improved ethanol demand, reflected in USDA's upward revision to corn-use-for-ethanol on Tuesday. However the leader in the grains complex was wheat, as both Chicago and Kansas City made new multi-year highs late in the week. Wheat is supported by strong global demand and optimism about improved export opportunities for the U.S. as Russia looks to add curbs to its wheat exports. Cotton futures were also up on the week, and the March contract made a new high. Rice futures rallied as well.

In the livestock complex, live cattle futures consolidated in narrow ranges week as buyers took a breather after the prior week's strong price action. Futures' premiums to cash limited further buying interest along with lackluster wholesale beef price action, but stronger Plains cash cattle trade limited selling interest in futures. The strong rebound in corn futures seemed to be a negative factor in the live cattle market as well as in the feeder cattle market. Lean hog futures had a choppy week as front-end contracts were pressured early by wholesale pork price weakness, but finished the week strongly as pork prices rebounded sharply. News that nine major hog plants can now apply to USDA to increase slaughter line speeds spurred hopes for stronger packer demand.

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