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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0350 | 4.8750 | 4.4700 |
| Soybeans | +0.1325 | 10.4875 | 12.0175 |
| Wheat | -0.1875 | 5.3000 | 6.0600 |
| Cattle | +3.225 | 214.25 | 176.675 |
| Hogs | +2.40 | 92.80 | 92.425 |
| Cotton | +0.33 | 66.85 | 77.36 |
| Milk | +0.00 | 17.45 | 18.41 |
| Crude Oil | -1.66 | 63.02 | 78.11 |
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Grain and oilseed futures were mixed, with favorable weather hanging over corn and wheat prices. Midwest weather has been wet in many areas, slowing planting, but overall early planting progress has been normal, and the rains will further alleviate drought while the extended forecast shows a drier pattern, particularly in the central and eastern Corn Belt. In South America, worries about drought hurting the late-planted Safrinha corn crop have faded. Meanwhile the Plains have seen some welcome relief for hard red winter wheat crops, and lackluster export demand remains a negative factor for wheat prices. Soybean futures were higher, with support from optimism about trade with China as the White House signaled it was willing to lower tariffs and was making progress in talks with China. However, China has downplayed or flat out denied any such talks. Nonetheless, the new tone from the U.S. also supported cotton prices. Crude oil futures fell amid ongoing concerns about the global economy and looming supply increases from OPEC. Along with White House statements on trade with China, President Trump also soothed the fears of investors by saying he had no intention of firing Fed Chair Jerome Powell.
In the livestock complex, live cattle futures continued to soar, making new contract and all-time highs throughout the week. Tight supplies are boosting the market and once again Plains cash cattle markets were very quiet until Friday, when trade at higher prices once again emerged. On the negative side, beef packer margins remain ugly. Feeder cattle futures also soared to new highs. Lean hog futures rallied as well, driven by strong cash prices and technical buying, with various contracts ending higher for nine or 10 straight days. One concern for hogs is pork export demand: USDA reported a marketing-year low on Thursday, with significant cancellations by China.
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