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May 13, 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 | +0.0950 | 4.70 | 5.30 |
| Soybeans | +0.0400 | 12.19 | 12.48 |
| Wheat | +0.4100 | 6.64 | 6.83 |
| Cattle | -0.53 | 176.15 | 172.93 |
| Hogs | -0.58 | 98.38 | 91.63 |
| Cotton | -0.75 | 77.31 | 80.30 |
| Milk | +1.30 | 20.51 | 18.42 |
| Crude Oil | +0.28 | 78.26 | 66.75 |
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Grain and oilseed futures were firm on the week, underpinned by less-than-ideal planting conditions in the Midwest, crop issues in South America worries about wheat production in Russia. Corn rose to its highest level in four months and wheat its highest level since last fall. These markets got added support late in the week on Friday's USDA supply and demand report. For corn in particular, USDA raised its corn-use-for-ethanol estimate as well as its export estimates both for the current marketing year and 2024-25. Still, supplies for corn are likely to remain ample in the coming year, and the soybean carryout is expected to grow. Changing that dynamic will likely take a more significant U.S. crop problem. Right now the only problem is sluggish planting, which is unwelcome but far from a disaster. Chatter about the Biden Administration potentially slapping tariffs on imports of used cooking oil from China helped underpin the soy complex on Friday, as such a move would help protect demand for soybean oil. Soyoil has been losing market share to cooking oil in renewable diesel.
In the livestock complex, Lean hog futures came under pressure for a second straight week from demand worries as wholesale pork prices remained largely flat and weekly U.S. pork exports were disappointing, while hog supplies remained ample, with slaughter running above last year. Concerns the U.S. economy might now be slowing may have also spurred demand worries. Live cattle futures spent the week consolidating inside of their ranges from the prior week, finishing slightly lower as Plains cash trade was again slow to develop. The bullish story in the cattle market continues to be shrinking U.S. supplies, which should mean smaller beef production. Class III milk futures continued to soar, driven by strong cheese demand and soft milk output, tied partially to the recent bird flu outbreaks.
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