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U.S. Farmers To Plant 90 Million Acres Of Corn, Down 5%, 86.5 Million Acres Of Soybeans
Four States Have Bills Limiting Plaintiffs' Claims Against Pesticide Manufacturers
USDA Invests $124 Million In Clean Energy And Fertilizer Production Projects
USDA: Farmers' Adoption Of New Technology Is The Dominant Factor In Increasing Agriculture's Productivity

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0275	4.4200	5.8525
Soybeans	-0.0100	11.9150	13.0800
Wheat	+0.0550	5.6025	7.5425
Cattle	-2.65	180.25	169.33
Hogs	+1.75	101.45	96.10
Cotton	-0.15	91.38	82.67
Milk	-0.20	15.96	18.77
Crude Oil	+2.54	83.17	70.08

Corn futures surged on Thursday ahead of an extended holiday weekend, posting a bullish reversal higher after USDA's Prospective Plantings and quarterly Grain Stocks reports were both friendly. USDA reported corn planting intentions of 90.026 million acres, nearly 1.8 million below the average analyst estimate, although the bullishness of the acreage number is likely tempered somewhat by memories of last year, when actual plantings came in well above March intentions. Corn stocks as of March 1 were about 100 million bushels below the average trade estimate, suggesting feed use may be stronger than expected, although stocks were still up 12.9% from a year earlier. USDA's reports for soybeans looked more neutral, with March 1 soybean stocks up 9.4% from a year ago but near the average trade estimate. Soybean planting intentions of 86.510 million were up from a year ago as expected. The USDA reports looked bearish for wheat, particularly the March 1 stocks report, but the market held up pretty well. For cotton, USDA's acreage estimate was bullish at just 10.7 million, down more than 600,000 from the average survey estimate. But as with corn, there is plenty of skepticism about the cotton acreage number.

The focus of the grains markets now starts shifting to Midwest weather conditions and the planting outlook. A warm and dry winter has given way recently to chilly conditions, along with improved moisture in the form and rain and snow. This may mean a sluggish start to the planting season, but the precipitation could be critical for boosting soil moisture in areas that have been struggling with drought. In the livestock complex, live cattle were pressured by large market-ready supplies and negative packer margins. USDA's quarterly Hogs and Pigs report issued Thursday showed all hogs and pigs at 100.6% of a year ago, slightly more than expected.

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