In the News

Be sure to register and attend the Nat'l Agri-Marketing Assn (NAMA) annual conference April 9-11, Kansas City, MO. For more information click here.

Ag Sec'y Rollins Thanks President Trump For Trade Actions With Mexico And Canada
Federal Judge Orders John Deere To Turn Over Communications It Had With Trade Groups
Nat'l Farmers Union Launches $25 Million Farmers Capital Fund To Drive Ag Innovation

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0175	4.5525	4.2625
Soybeans	-0.0125	10.1025	11.7050
Wheat	0.0300	5.3400	5.2700
Cattle	+2.500	200.275	187.60
Hogs	+3.675	87.35	84.375
Cotton	+0.88	64.76	95.28
Milk	-0.33	18.36	16.57
Crude Oil	-2.72	67.04	78.01

It was a volatile week for the grain and oilseeds complex, dominated by tariff news, but ultimately corn, soybeans and wheat ended the week little changed. Futures fell to multi-month lows across all three markets early in the week as 25% tariffs against Canada and Mexico went into effect. However, by the end of the week President Trump had announced another one-month reprieve for the tariffs. This came before Mexico had enacted retaliatory tariffs. Canada, however, had enacted retaliatory tariffs and has said those will remain in place. Meanwhile China announced its own retaliatory tariffs against the U.S., targeting ag products including soybeans as well as some specific countries. Other supply and demand factors faded to the background amid the uncertainty on trade policy, but U.S. acreage prospects will become an increasing focus leading up to the March planting intentions report. Cotton futures tumbled early in the week to a new five-year low before rebounding to end higher on the week, and rice futures made a 3 1/2 -year low.

Outside the grains complex, tariffs and trade uncertainty also weighed on the stock market, with the S&P 500 now having wiped out its post-election gains. Crude oil retreated in part on news that OPEC would hike production. In the livestock complex, the weakness in equities did not hurt live cattle futures, which rallied after making lows early in the week, boosted by short covering and speculative bargain hunting spurred by technically oversold market conditions, and signs Plains cash markets may have bottomed for now. Live cattle futures posted large weekly bullish reversals. Lean hog futures took a rollercoaster ride, plunging further on Monday and Tuesday and then rebounding sharply the rest of the week as President Trump granted one-month tariff exemptions for many Mexican and Canadian products. Firm cash hog and wholesale pork prices were also supportive for futures.

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