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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	-0.17	4.53	5.19
Soybeans	+0.09	12.28	12.00
Wheat	-0.12	6.51	6.61
Cattle	+4.90	181.05	174.30
Hogs	-1.88	96.50	92.53
Cotton	-1.42	75.89	82.58
Milk	+0.94	21.45	18.09
Crude Oil	+1.72	79.98	68.24

Grain futures were mostly lower on the week. After a strong start, corn moved lower four straight days, posting large weekly reversals technically. The U.S. planting pace is sluggish and a little behind average, but the situation is far from a disaster and now the crop that is in the ground is in most places benefitting from a pattern of frequent rains and warm weather. Wheat was pressured by better-than-expected as hard red winter wheat yield prospects found on the Wheat Quality Council crop tour in Kansas. Wheat rallied in the overnight session on multiple days, only to fall back sharply the following morning. There is still some concern about the southern Plains crop, as well as wheat in southern Russia, where heat and dryness is an issue. Soybean futures held up pretty well compared to the grains, with support from excessive rains and flooding across far southern Brazil, which could open up some more U.S. export opportunities. The new-crop export sales outlook, however, is bleak for soybeans, with China absent as a buyer of U.S. beans. Cotton futures made 18-month lows on Wednesday before staging a modest rebound. Crop prospects for cotton and rice look to be mostly favorable early in the season.

In the livestock complex, cattle futures had a strong week, finding ample support from a big seasonal surge in whole-sale beef prices, their discounts to firm Plains cash cattle markets and technically-driven buying/short covering. Market concerns about bird flu continued to fade. Feeder cattle futures followed the live cattle market higher, finding added support from corn market weakness, tightening feeder supplies and improved U.S. pasture conditions. Lean hog futures continued to retreat under pressure from demand concerns spurred by sluggish export sales and indications the U.S. economy may be slowing. Front-end futures' premiums to cash also spurred selling.

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