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April 29, 2024
In the News
The next issue of Agri Marketing will feature profiles on NAMA award honorees Todd Fraizer of Corteva, Brian Torrey of John Deere and Richard Guebert of IL Farm Bureau. To schedule your congratulations 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 | +0.0700 | 4.5000 | 5.4900 |
| Soybeans | +0.1150 | 11.7725 | 12.7725 |
| Wheat | +0.5550 | 6.2225 | 6.7650 |
| Cattle | +2.90 | 178.58 | 173.70 |
| Hogs | -2.35 | 102.48 | 95.98 |
| Cotton | -0.12 | 80.90 | 80.80 |
| Milk | +0.02 | 18.09 | 18.53 |
| Crude Oil | +1.63 | 83.85 | 71.86 |
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Grain and oilseed futures were higher on the week, driven by technically-driven short-covering and by concerns over wheat supplies. Wheat was the big gainer in the grains complex, rallying to four-month highs as crop conditions in the U.S. Plains deteriorated significantly and heat in southern Russia stoked concern about crops there. Despite the deterioration in the central and southern U.S. Plains, hard red winter wheat conditions are still much better than they were a year ago. In corn and soybeans, demand remains light but traders are focusing more on Midwest planting conditions. There is some growing concern given the wet pattern that has emerged in the western Corn Belt, including heavy storms over the weekend, and forecasts calling for wet conditions to continue through the first week of May. Large South American supplies remain a negative market factor. Crude oil was higher on the week, but there is growing concern about the economy and the potential for "stagflation" as fresh economic data showed growth slowing in the U.S., while inflation remains too high for the Fed to cut interest rates.
In the livestock complex, live cattle futures surged to start the week on the previous Friday's Cattle on Feed report, and surged again late in the week amid strong Plains cash trade. However, while indications are that U.S. cattle supplies continue to shrink, the cattle market still appears to have a near-term supply problem that could bite it later this spring and summer. U.S. beef production, which significantly lagged a year earlier throughout the first quarter of 2024, has surged in April, running about 2.6% above last year. Lean hog futures rallied to start the week, but the rally stalled out on Wednesday and prices fell sharply on Thursday and Friday amid continued large hog supplies and weakened packer operating margins.
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