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March 3, 2025
In the News
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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 | -0.3775 | 4.5350 | 4.1225 |
| Soybeans | -0.2800 | 10.1150 | 11.43 |
| Wheat | -0.53 | 5.37 | 5.60 |
| Cattle | -1.20 | 192.70 | 188.40 |
| Hogs | -4.00 | 83.70 | 88.10 |
| Cotton | -2.20 | 63.88 | 97.56 |
| Milk | -0.44 | 18.27 | 17.05 |
| Crude Oil | -0.64 | 69.76 | 79.97 |
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It was an ugly week for the grain and oilseeds complex, as various markets fell to new multi-week lows amid speculative selling, with pressure from tariff concerns. President Trump indicated late in the week that 25% tariffs on Mexico and Canada, which had been postponed a month, were set to proceed on March 4, and he also announced an additional 10% tariff on China. Many traders continue to see the tariff threats as a negotiating ploy. Traders are starting to focus more on U.S. spring acreage prospects, with the highlight being an expected shift to corn acres. At the annual USDA Ag Outlook Forum on Thursday, USDA projected corn acres at 94.0 million acres, up 3.4 million from actual 2024 plantings and 500,000 above the average analyst estimate in a Bloomberg survey. Meanwhile projected soybean acres of 84.0 million were down 3.1 million from actual 2024 plantings. USDA forecast 2025 U.S. cotton plantings at 10.0 million acres, down 1.2 million from 2024. Rice acres are seen at 2.6 million, down from 2.9 million last year and the lowest in three years. The lower acreage estimates weren't enough to boost rice and cotton futures, but of which fell to new multi-year lows.
In the livestock complex, live cattle futures got a shot of support early in the week from speculative position evening as traders watched the tariff situation and waited for cash trade to develop. But prices could not gain any upward momentum and collapsed on Friday amid lower Plains cash trade. The live cattle futures charts are looking ugly after Friday's price collapse. Lean hog futures had an ugly week, with prices falling sharply amid concerns of retaliation against U.S. pork exports. The hog futures charts look horrendous, with nearby April futures falling $4 on the week to their lowest level since early October.
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