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February 17, 2025
In the News
Be sure to register and attend National Ag Day activities in Washington DC, Tuesday, March 18. For more information click here. |
| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0875 | 4.9625 | 4.1650 |
| Soybeans | -0.1350 | 10.360 | 11.7225 |
| Wheat | +0.1725 | 6.000 | 5.6050 |
| Cattle | -0.3000 | 197.75 | 184.775 |
| Hogs | +2.225 | 89.475 | 82.225 |
| Cotton | +1.48 | 67.11 | 93.87 |
| Milk | +0.22 | 20.33 | 16.17 |
| Crude Oil | -0.26 | 70.74 | 79.19 |
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Grain and oilseed futures were mixed on the week, with corn and wheat both rallying while soybeans struggled to gain traction. The corn market made a fresh 16-month high on a front-month basis on Friday, driven by strong export demand. USDA somewhat surprisingly left its 2024-25 corn export projection unchanged in Tuesday's Supply and Demand report, but U.S. exports remain on a pace to exceed that estimate by more than 100 million bushels, and strong demand continued in the past week. Meanwhile there are underlying concerns about the Brazil Safrinha crop, which has been planted late and could be more vulnerable to heat and dryness late in the season. Soybean prices however were pressured by a strong Brazilian crop, improving conditions in Argentina and signs that U.S. exports are starting to decline seasonally. The wheat market surged to multi-month highs on concerns about potential winterkill damage last week in the central Plains as winterkill threats in Russia for next week. A slumping U.S. dollar also added support for wheat. The USDA report made virtually no changes to the domestic balance sheets for corn and wheat. Cotton futures rallied amid technical buying and short-covering as the market rebounded from a near-five-year low.
In the livestock complex, live cattle futures sold off further, with front-end contracts posting their third straight weekly loss as the market retreats from the all-time high set last month, with pressure from weakening cash prices. High slaughter weights and sharply negative packer operating margins remained negative market factors. Bitter cold weather in the U.S. Plains failed to stop the market slide. Lean hog futures price action remained volatile, as futures sold off on Monday, only to come surging back to take out their December highs and hit new contract highs on Wednesday amid continued strength in cash hog and wholesale pork prices.
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