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March 11, 2024
In the News
Next Tuesday, March 19 is Nat'l Ag Day! To attend the events in Washington DC or watch virtually click here. |
| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1500 | 4.3975 | 6.2550 |
| Soybeans | +0.3275 | 11.8400 | 15.1775 |
| Wheat | -0.2000 | 5.3775 | 6.8750 |
| Cattle | -0.85 | 187.60 | 165.45 |
| Hogs | -3.70 | 84.38 | 85.75 |
| Cotton | -0.29 | 95.28 | 82.62 |
| Milk | -0.19 | 16.58 | 17.68 |
| Crude Oil | -2.16 | 77.81 | 76.66 |
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Corn and soybean futures were up on the week, bolstered by short-covering and bargain hunting as they rebounded from recent major lows. Thursday's USDA report was a non-event for both markets, as it left the domestic balance sheets unchanged. This was a mild surprise for soybeans in particular, as exports look to fall short of USDA's projection. USDA made only a small cut to its Brazil soybean crop estimate, and large South American supplies continue to hang over the market. Despite the gains in corn and soy, wheat futures remained under pressure, with Chicago making a new 3 1/2-year low on a front-month basis. Cancellations of soft red winter wheat export sales to China have been a negative factor, along with ample supplies out of the Black Sea region. Cotton futures were ultimately lower in a volatile week of trade. With spring grain and oilseed planting season approaching, above-normal temperatures continue to prevail, although a wet pattern over the next two weeks could limit fieldwork in much of the South. In the Corn Belt, virtually all areas west of the Mississippi are too dry, feeding longer-term concerns about drought.
In the livestock complex, live cattle futures trade remained extremely choppy this week as prices shifted direction every day amid uncertainty about the further near-term upside for cash cattle and wholesale beef prices. Negative packer operating margins remained a bearish market factor, while strong feedlot asking prices and the longer-term outlook for tightening cattle supplies were supportive for prices. Although futures mostly ended the week slightly lower, Plains cash cattle prices rose again. Lean hog futures moved to new highs for their upward move early in the week amid continued strong pork demand and technically-driven speculative buying. Futures then abruptly reversed course under pressure from profit-taking and continued large hog supplies, before stabilizing on Thursday and Friday.
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