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February 10, 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 | +0.0550 | 4.8750 | 4.2900 |
| Soybeans | +0.0350 | 10.4550 | 11.8350 |
| Wheat | +0.3325 | 5.8275 | 5.9675 |
| Cattle | -3.825 | 200.775 | 184.625 |
| Hogs | +3.075 | 87.250 | 73.675 |
| Cotton | -0.25 | 65.63 | 91.78 |
| Milk | -0.27 | 20.11 | 16.13 |
| Crude Oil | -1.53 | 71.00 | 76.84 |
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Grain and oilseed futures were mostly up on the week, with support from strong corn export demand and technical buying. Corn made new multi-month highs early in the week before pulling back. USDA is likely to revise its corn export estimate higher in the Feb. 11 Supply and Demand report, and meanwhile concern is growing about South American production due to heat and dryness in Argentina, as well as soggy conditions in parts of Brazil that is delaying second-crop corn planting there. Wheat futures rallied with the help of tightening global supplies. However rice futures were under pressure and cotton futures tumbled, to a new contract low and a near-five-year-low on a front-month basis. Traders continue to watch for news on tariffs, with President Trump announcing 25% tariffs on steel and aluminum imports while promising other "reciprocal" tariffs later this week. To start last week, President Trump postponed tariffs on Mexico and Canada until March 1. Grain markets' reaction to tariff news appears to be diminishing with each headline.
In the livestock complex, the retreat from all-time highs in cattle accelerated this week. Live cattle futures collapsed this week under pressure from speculative long liquidation, a disappointing USDA Cattle Inventory report and the reopening of feeder cattle imports from Mexico. Sharply negative packer operating margins and weaker wholesale beef prices also contributed to futures weakness. Futures fell well discount to cash, which helped stabilize them on Friday, and the weakness in Plains cash markets has been muted so far despite the drop in futures. Lean hog futures were extremely volatile. Futures plunged on Monday on expectations for Mexico to retaliate against the U.S. tariff on goods from Mexico but bounced back just as quickly on Tuesday after President Trump delayed imposition of the 25% tariff until at least March 1 after a talk with Mexico's President.
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