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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.05	4.64	4.41
Soybeans	-0.06	10.10	12.12
Wheat	+0.01	5.58	5.47
Cattle	+3.3775	206.950	188.375
Hogs	-0.500	86.125	84.900
Cotton	-2.10	65.27	92.21
Milk	-0.01	18.53	16.41
Crude Oil	+1.10	68.28	81.07

Grain and oilseed futures were mixed and lacking in direction, in what was a relatively quiet week compared to recent action. Traders are looking ahead to the March 31 planting intentions and grain stocks reports. The plantings report is expected to show a significant jump in corn acres from last year, with declines in soybeans and cotton. Meanwhile traders in commodities and other markets are also looking ahead to April 2, which President Trump is calling "Liberation Day," when new reciprocal tariffs and tariffs on Canada and Mexico are scheduled to go into effect. The corn market has support from strong prices in Brazil, even as weather for the Safrinha crop there is mostly favorable. Soybean futures were in a holding pattern, with support from acreage expectations offset by signs of lackluster demand, including a monthly NOPA crush report that fell far short of expectations. Wheat futures rallied to a three-week high early in the week, aided by the second wind storm in the Plains in five days. Cotton futures settled lower all five days of the week.

In the livestock complex, live cattle futures continued to soar, making new contract highs through the end of the week, although they did end lower on Friday. Plains cash cattle trade for the second straight week remained very quiet into Friday, but when trade did emerge it was sharply higher once again. Friday's Cattle on Feed report looked somewhat friendly, with total feedlot inventories at 98.0% of a year ago, versus an average analyst estimate of 98.3%. Placements of just 82% of a year ago compared to trade expectations that averaged 86%. Lean hog futures shot out of the gate on Monday to a three-week high, supported by stronger cash prices. The market spent the next three days drifting lower amid concerns about tariffs and pork demand, before rebounding Friday.

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