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February 3, 2025
In the News
Congratulations to Syngenta's Storen corn herbicide, DeLaval's Evanza Milking Cluster and Zoetis' Synovex being named Agri Marketing's 2024 Products of the Year!
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| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0450 | 4.8200 | 4.4275 |
| Soybeans | -1.3750 | 10.4200 | 11.8850 |
| Wheat | +0.1550 | 5.5950 | 5.9975 |
| Cattle | -0.2000 | 204.60 | 180.60 |
| Hogs | +1.875 | 84.175 | 75.45 |
| Cotton | +1.73 | 65.88 | 87.11 |
| Milk | +0.07 | 20.38 | 16.27 |
| Crude Oil | -2.13 | 72.53 | 72.28 |
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It was a volatile week for grain and soybean futures are traders weighed tariff prospects with questions about South American crop potential. Heat and dryness in Argentina continues to trip yield expectations, while in Brazil wet conditions in key growing areas is slowing the soybean harvest and feeding worries about delays to second-crop corn planting. But the main focus for the week was on President Trump's announcement of tariffs on Mexico, Canada and China. After conflicting reports, Trump announced tariffs of 25% on Mexico and Canada, and 10% on China, effective Tuesday. Mexico and Canada announced countermeasures. By Monday though, Trump and the Mexican president had spoken and the tariffs were delayed until March 1 pending further negotiations. But tariffs are still set for Canada and China. Along with worries about retaliatory tariffs against U.S. products, farmers now face increased costs for potash, as 80% of U.S. potash use is supplied by our neighbor to the north. Cotton futures tumbled to new contract lows once again and were on the verge of a fresh four-year low. Crude oil was weaker, as traders are watching the tariff situation with Canada in particular.
In the livestock complex, live cattle and feeder cattle futures continued to soar early in the week amid strong cash markets, high concerns about U.S. cattle supplies and technically-driven speculative buying. Prices then retreated significantly on Wednesday and Thursday as active speculative profit taking set in, before stabilizing on Friday on support from continued strong cash trade. Cash trade took place in the southern Plains at mostly $208-$210 on a live basis, up sharply from $201-$202 last week. Supply issues continue to dominate the cash market. Nearby lean hog futures continued to rise on strong cash hog and wholesale pork prices, but more deferred months faltered amid worries about potential U.S. tariffs on Mexico and Canada.
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