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April 14, 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 | +0.3000 | 4.9025 | 4.9175 |
| Soybeans | +0.6575 | 10.4275 | 11.8275 |
| Wheat | +0.2675 | 5.5575 | 6.3500 |
| Cattle | -0.2000 | 202.475 | 180.25 |
| Hogs | -2.925 | 84.425 | 91.45 |
| Cotton | +2.33 | 65.89 | 83.37 |
| Milk | +0.21 | 17.22 | 15.40 |
| Crude Oil | -0.49 | 61.50 | 85.02 |
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The grain and oilseed complex rallied despite the volatility in financial markets and worries about the global economy. Corn and soybeans rose to multi-week highs. Thursday's USDA Supply and Demand report provided some support, particularly for corn, as the agency finally raised its corn export projection, by 100 million bushels. While an increase to corn exports at some point was widely expected, the size of the increase drove the carryout estimate lower than expected. Meanwhile corn and wheat exports so far look to be spared the worst impact of President Trump's tariffs policy, as he issued a 90-day "pause" on the "Liberation Day" tariffs announce earlier this month. At the same time, he dialed up the tariffs on China, to 145%, and China responded by raising its tariffs on U.S. products to 125%. That's a problem for the soybean and cotton markets, which both depend on exports to China. It's also continuing to weigh on investor sentiment, although the S&P 500 did end higher in a week of wild swings. The dollar plummeted, as did prices for U.S. Treasurys, while gold prices soared to new highs.
In the livestock complex, live cattle futures action remained volatile amid shifting U.S. tariff policy and concerns the economy is headed into recession. Futures slid to one-month-plus lows on Wednesday morning, then reversed sharply higher on the pause of U.S. reciprocal tariffs. Futures were also supported by their discounts to Plains direct cash markets, which have not been affected as strongly by the tariff drama. Feeder cattle futures hit one-month-plus lows on Monday but ended the week higher despite weaker cash prices and rising corn prices. Lean hog futures plunged to new lows for the current bear market on Wednesday morning on trade war concerns before rallying furiously after the tariff "pause." Cash hog and wholesale pork values weakened.
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