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Modern Agricultural practices are on display on the National Mall in DC celebrating Nat'l Ag Day. To participate virtually click here.

FBN Welcomes Conclusion Of Canadian Competition Bureau Investigation Into Anti-Competitive Practices
Federal Appeals Court Upholds Ban Of Chlorpyrifos Insecticide
Illinois ASFMRA Releases Results Of Its Farmland Survey, Prices Are "Unprecedented"

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.2075	7.4175	5.4650
Soybeans	-0.0800	16.6800	13.9225
Wheat	-0.4275	10.6375	6.3050
Cattle	+4.13	137.08	119.65
Hogs	-2.10	116.08	100.03
Cotton	+5.83	126.86	85.45
Milk	-0.45	23.37	17.34
Crude Oil	-3.29	103.01	60.06

Grain and oilseed futures were mostly lower on the week, with wheat coming under the most pressure as traders track the war in Ukraine and the fallout in global trade. The wheat market was pressured by some badly needed rains in the central and southern Plains, which should give a boost to a hard red winter crop that enters spring in poor shape. The rains also gave a boost to areas of the western Corn Belt that needed it ahead of planting. Corn and soybeans felt the pressure from wheat, and from benign weather. South American conditions remain good late in the season, and while crop estimates continue to decline, at this point significant production declines appear to be priced in. In the U.S., drought still looms as a threat, particularly for the western Corn Belt, with the National Weather Service's extended forecast through June showing above-average temperatures and below-average rain in areas that are already too dry. Cotton futures soared late in the week, making a new contract high on Friday in the May and threatening to break out to a fresh 11-year high. The gains are driven by near-term mill demand, and solid exports.

Crude oil futures were down on the week, mainly due to sharp losses Monday tied to concerns about China's economy and demand in the face of surging Covid cases there. But fuel prices remain a major concern for the economy, particularly diesel, which has made an all-time high. Inflation is continuing to drive worries about the economy, including meat demand. Live cattle futures were up on the week despite disappointing cash market prices. Lean hogs surged into new contract highs at mid-week but then retreated sharply, ending $5 to $6 off those highs in the June and August contracts.

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