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Nominations for the Nat'l Agri-Marketing Assn (NAMA's) highest honors are now open. For more information click here.

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0150	4.4550	6.7725
Soybeans	-0.1100	12.1325	15.1475
Wheat	-0.0275	5.9325	7.3450
Cattle	+3.20	177.38	159.13
Hogs	-0.47	78.15	84.40
Cotton	+2.64	83.95	83.39
Milk	-0.17	15.73	18.30
Crude Oil	+0.74	73.53	80.61

Grain and soybean futures were mostly lower, with soybeans making multi-month lows while corn, hard red winter wheat and spring wheat all made new contract lows. Lackluster demand has been a negative market factor along with improved soil moisture in parts of the U.S. Plains and generally favorable weather in South America. However the grains complex did close firm on Friday, bolstered by stronger-than-expected weekly export sales across the board and a fresh "flash" soybean export sale to China, the first such sale for soybeans in a month. There is also still plenty of uncertainty about the final state of Brazil's soybean crop, which faced hot and dry weather for much of the season. Crop estimates vary widely. The disruptions in grain trade caused by the hostilities in the Red Sea may also be a supportive factor for U.S. prices. Cotton futures surged, breaking out of a weeks-long range with support from robust weekly export sales and questions about U.S. acreage this spring. Crude oil was firm, boosted by the Red Sea situation and solid domestic demand.

In the livestock complex, live cattle futures surged higher as severe winter weather in Plains feedlot country continued to stress cattle and limit feedlot marketings while packer operating margins recovered on surging wholesale beef prices. Gains were limited, though by concerns market-ready cattle remain backed up in feedlots. Friday's monthly Cattle on Feed report was neutral versus expectations. In lean hog futures, after rising the previous two weeks, the market spent the past week chopping sideways. Support from stronger cash hog and wholesale pork prices appeared to be offset by concerns hog marketings have been backed up following the holidays and the recent severe cold wave across the U.S. Midwest and Plains. Traders are also still trying to get a handle on the impacts of California Prop. 12 on pork demand and prices.

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