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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn (Mar)	+0.0200	4.3025	4.7250
Soybeans (Mar)	+0.5100	11.1525	10.4950
Wheat (Mar)	-0.0825	5.2975	5.8275
Cattle (Feb)	+1.9000	237.75	200.775
Hogs (Feb)	+0.1225	87.375	87.250
Cotton (Mar)	-2.11	61.06	65.63
Milk (Feb)	-0.07	15.38	20.11
Crude Oil (Mar)	-1.66	63.55	71.00

Soybean futures rocketed higher at mid-week on news that President Trump held a long phone call with China's Xi Jinping, and on social media post by Trump announcing that the two had discussed upping China's soybean purchases for this season from 12 million metric tons to 20 million. The market jumped 30 cents on Trump's post and maintained strength through the end of the week. While there's some reason for skepticism, as there's no signing of a deal and no confirmation from China, that was also the case with the original "trade deal" with China reached last fall. Corn and wheat showed a little strength after soybeans' rally, but were reluctant followers. Mostly favorable South American weather hangs over the corn and soybean complex. For wheat, global supplies are ample, export competition is rising, and crop problems around the world are few. Cotton futures tumbled, making contract lows each day of the week. Rice futures posted their fifth straight weekly gain amid concern over spring planted acreage. Crude oil retreated as worries about a military conflict with Iran faded in the short-term.

In the livestock complex, it was a wild week for live cattle and feeder cattle futures with prices whipsawed by conflicting fundamental factors and technically-driven trading. Live cattle futures collapsed on Thursday on demand concerns driven by news of a beef plant strike and stock market weakness, before finding renewed support strong cash prices and a stock market rebound Friday morning. Thursday's sharp slide in live cattle and feeder cattle futures was caused partly by news workers at the large JBS slaughter plant in Greeley, Colo. had voted to go on strike. Meanwhile, Friday morning's market strength was eroded by a report President Trump would sign an executive order quadrupling the import quota for beef from Argentina to 100,000 metric tons. The more important fundamental longer-term is New World Screwworm.

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