In the News

Be sure to register and attend the Ag Relations Council's annual meeting June 13-15, Des Moines, IA. For more information click here.

Op-ed: Illinois Dust Storm Underscores The Urgency For A New Approach To Farming
1st Quarter: Titan Machinery's Sales Up 29%, Earnings Up 46%: $43.6 Million
Michigan Milk Producers Assn, Canadian Dairy Distillery To Produce Biofuels From Dairy Byproduct

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.4950	6.0400	7.6500
Soybeans	+0.3000	13.3725	17.2650
Wheat	+0.1100	6.1600	11.4325
Cattle	+0.88	165.18	132.60
Hogs	-8.35	74.78	111.83
Cotton	-3.35	80.54	124.33
Milk	-0.20	15.86	24.25
Crude Oil	+1.16	72.85	114.09

Grain and oilseed futures were mostly higher on the week, bolstered by a persistently dry pattern across much of the Corn Belt that has fed anxiety about production headed into the month of June. It was one of the driest months of May on record in parts of the U.S., and while that has helped speed along planting, there is growing concern about dryness sapping yields. It is not to that point yet in most locations, but traders are watching the extended forecast closely. July corn on Friday posted its highest close in a month. Soybeans also gained, although the dryness in the Midwest is not as much of a concern for soybeans as it is corn at this point in time. Wheat futures had some support from dry conditions in Europe and the poor U.S. southern Plains crop. However, the weather pattern has shifted significantly in the Plains, providing a late boost to hard red winter wheat in central and northern growing areas. Cotton futures were down on the week, pressured by lackluster demand and abundant rains in West Texas growing areas.

Lean hog futures absolutely tanked, going into a waterfall decline under pressure from ample hog supplies and renewed weakness in wholesale pork prices. Fears California Proposition 12 will result in a glut of hog and pork supplies across the rest of the U.S. in the coming months may have been behind much of the futures weakness, which sent nearby months to new contract lows. Live cattle futures took off for the upside at midweek on support from higher Plains cash trade and USDA's monthly cold storage report, which showed tightening frozen beef stocks. The longer-term outlook for U.S. cattle and beef supplies to tighten further through at least next year continued to strongly underpin prices.

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