In the News

The next issue of Agri Marketing will include updates on the Dairy and Fruits & Vegetable markets. 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	-0.1550	6.2050	5.5000
Soybeans	+0.8350	15.5350	13.7250
Wheat	-0.2300	7.6325	6.3750
Cattle	+3.78	146.88	123.75
Hogs	+5.15	100.08	79.30
Cotton	+2.98	126.74	84.28
Milk	+0.31	21.69	16.01
Crude Oil	+5.39	92.21	56.23

Soybean futures took off sharply higher, making new contract highs as South American crop estimates continue to decline and weather forecasts showed a return of heat and dryness to Argentina. This could cause further crop losses, and along with issues in Brazil it has prompted increased buying of U.S. soybeans by China. USDA reported flash soybean export sales to China or "unknown" destinations each day of the week. Corn and wheat futures did not follow corn. The former was pressured by concern about ethanol demand and by net cancellations of U.S. exports, at a time when bulls were hoping for a big boost in Chinese buying. Wheat was pressured by technical selling and by a lack of fresh news regarding a potential Russian invasion of Ukraine. A winter storm that dumped snow across the central and southern Plains may have added to the pressure, though it will likely provide only limited drought relief. Cotton futures continued to rally, making new contract highs and another 10 1/2 -year high on a front-month basis. Cotton had help from crude oil, which soared to another 7 1/2 -year high amid skepticism about OPEC's ability or willingness to hike production as previously announced.

The U.S. economic outlook got a boost from a much-better-than-expected monthly jobs report on Friday, though inflation remains a big concern, short-term and long-term. Strong demand prospects helped lift livestock futures. Live cattle had support from winter weather in the Plains and a USDA semi-annual cattle inventory report that pegged the U.S. beef cow herd below expectations. Meanwhile Plains cash cattle trade occurred mostly at $140, up $3 from the prior week. Bulls regained control in the hog market, with futures moving to new contract highs as tight U.S. hog supplies remained the main market force.

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