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April 8, 2024
In the News
Entries for Ag Relations Council's Golden ARC MarComm awards are due this Friday. For more information click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0775 | 4.4200 | 6.4350 |
| Soybeans | -0.0650 | 11.8500 | 14.9250 |
| Wheat | +0.0700 | 5.6725 | 6.7550 |
| Cattle | -6.7500 | 178.25 | 171.075 |
| Hogs | +2.7000 | 89.325 | 74.15 |
| Cotton | -5.13 | 86.25 | 83.20 |
| Milk | -0.35 | 15.61 | 18.69 |
| Crude Oil | +3.74 | 86.91 | 80.70 |
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Grain and oilseed futures were mixed on the week, as traders digested the March 28 planting intentions and quarterly stocks reports, while eying Midwest planting weather that is starting to look favorable. Corn was underpinned by the lower-than-expected planting intentions number, although there is plenty of skepticism about the estimate, and historically there can be big changes in corn and soybean acres between March intentions and USDA's next acreage update in late June. Soybeans were pressured by continued lackluster demand as Brazil supplies undercut the U.S. Wheat made new lows in Kansas City and Minneapolis, but the market bounced back amid growing concerns about exports out of the Black Sea region and Russia, as the war in Ukraine continues to escalate and Russia's government has reportedly held up some wheat shipments. Excessive rains in western Europe has been another supportive factor for prices. On the negative side for wheat prices, the first USDA Crop Progress report of the year showed winter wheat conditions much better than a year ago. Cotton futures tumbled amid technical selling and soft demand. Crude oil futures surged, driven in part by the war in Israel and Gaza.
In the livestock complex, both live cattle and feeder cattle futures plummeted under pressure from concerns about a string of bird flu cases in dairy cattle and a resulting human case of bird flu. Much of the damage to futures was done in a 30-minute period after the news broke on Tuesday. However, losses were extended on Friday as technically-driven selling, negative packer operating margins and falling wholesale beef prices added pressure on futures. Meanwhile lean hog futures went into runaway bull market mode again, rising for a fourth straight week. Strong pork demand is supporting prices. Long hog/short cattle spreading and unwinding of long cattle/short hog spreads may have also boosted prices as live cattle futures collapsed.
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