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March 18, 2024
In the News
The next issue of Agri Marketing magazine will include an update on Farm/Rural Broadcasting. 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 | +0.0300 | 436.75 | 626.50 |
| Soybeans | -0.14250 | 1198.25 | 1489.25 |
| Wheat | +0.0925 | 528.50 | 702.75 |
| Cattle | -0.3500 | 187.25 | 161.55 |
| Hogs | +2.5500 | 86.93 | 83.75 |
| Cotton | -1.34 | 93.94 | 79.11 |
| Milk | +0.15 | 16.43 | 17.97 |
| Crude Oil | +3.23 | 81.04 | 67.61 |
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Grain and oilseed futures were mixed, with weakness in soybeans as large Brazilian supplies hang over the market. Although Brazil's crop-forecasting agency CONAB slashed its Brazil crop estimate early in the week, there are still a wide variety of projections for that crop, and in any event Brazil's soybean prices continue to undercut the U.S. for exports. Corn had some support from hot and dry weather threatening the Safrinha corn crop in parts of Brazil. Wheat was firm, underpinned by declining expectations for European production this year as well as escalating attacks between Ukraine and Russia. Cotton was lower in old-crop contracts, with pressure from lackluster export demand. Expectations for increased acreage this year also hangs over the complex. Traders in grains and oilseeds are looking ahead to the March 28 USDA Grain Stocks and Prospective Plantings reports. Midwest weather forecasts will become more of a factor as the spring planting season rapidly approaches. A chilly, wetter pattern in the Midwest in the second half of March should damped at least temporarily talk of early planting.
In other markets, crude oil futures rallied to a four-month high, with support from Ukraine attacks on Russian oil refineries. Live cattle futures were down slightly on the week amid technical resistance. It's a market that doesn't seem to want to move in either direction for more than a day or two in a row. Negative packer margins are a bearish factor, although Plains cash trade was strong during the week, with prices in Kansas and Texas up $1 to $2, while Nebraska trade was up $3 or more from the prior week. Lean hog futures rallied on Monday and then again on Friday, surging to new contract highs just before the weekend amid strong demand. Tyson Foods announced the closure of a pork processing plant in Iowa, effective in late June.
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