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May 19, 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 | -0.0625 | 4.4350 | 4.5250 |
| Soybeans | -0.0175 | 10.50 | 12.28 |
| Wheat | +0.1950 | 5.25 | 6.5125 |
| Cattle | -2.46 | 212.22 | 181.05 |
| Hogs | +2.750 | 100.325 | 96.50 |
| Cotton | -1.72 | 64.89 | 75.89 |
| Milk | +0.10 | 18.58 | 18.72 |
| Crude Oil | +1.47 | 62.49 | 80.06 |
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It was an up-and-down week for the grains complex, driven by Monday's USDA report, optimism about trade with China, and mostly favorable planting weather. Corn made a five-month low in the July contract early in the week before rebounding. USDA's monthly Supply and Demand report was friendly for corn, as it raised old-crop exports by 50 million bushels and projected 2025-26 ending stocks well below expectations. USDA's old-crop export estimate still looks subject to upward revisions. The report was friendly for soybeans as well, and that market also had support Monday from news that the U.S. and China had agreed to dramatically slash tariffs for 90 days, giving the two sides time to negotiate a new deal. Soybeans made a three-month high before retreating. The upside for corn and soybeans is limited by U.S. planting progress and weather conditions that remain mostly favorable. Wheat made contract lows, with pressure from improved moisture across the Plains, and a higher-than-expected U.S. crop estimate, but the market rallied later in the week. Cotton futures were pressured by soft demand and rains in Texas that could boost crop prospects there.
In the livestock complex, live cattle and feeder cattle futures signaled a likely major price high on Wednesday, posting massive bearish key reversals off of contract highs on their daily price charts. Strong follow-through on Thursday further cemented the top. However, it is too early to dismiss the possibility this is just another sharp short-term correction in the five-year old bull market. Futures had blasted their way to new contract highs again on Monday driven by the news USDA has again banned feeder cattle imports from Mexico. Lean hog futures rallied to new contract highs in several contracts on support from the U.S.-China trade war de-escalation and seasonal strength in cash hog and wholesale pork prices.
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