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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0625	3.6575	3.8525
Soybeans	-0.1475	8.6750	9.8125
Wheat	-0.1250	4.6675	5.2575
Cattle	+0.63	135.93	153.43
Hogs	-0.90	64.90	63.27
Cotton	-1.16	59.97	61.79
Milk	+0.09	13.82	15.77
Crude Oil	-2.73	30.89	50.48

The grain and oilseeds complex stumbled, falling on an improved weather outlook for Argentina, ample world supplies and lackluster export demand. The market stayed in retreat even as the dollar index tumbled. For corn, ethanol production is slipping while stockpiles have swelled to near an all-time high, and exports are well behind the pace needed to meet USDA's projections. USDA could cut projected corn and wheat exports in its monthly supply and demand update Feb. 9. A wetter weather forecast for Argentina is well-timed for corn and soybean producers there, and production estimates for Brazil remain high. Similarly there are very few threats to winter wheat in the U.S. or in Europe. An intense storm that brought rain and snow across the Midwest and Plains further boosts soil moisture. Cotton futures tumbled to a four-month low on concerns about global demand, the prospect of China unloading some of its huge stockpile and expectations of increased U.S. acreage this year. Crude oil also was under pressure, falling as traders realized talk of possible production cuts by major producers including Russia and Saudi Arabia was unlikely to come to pass.

In the livestock complex, live cattle futures were up on the week, climbing to their highest levels in a month on firm cash markets and the blizzard in the Plains. Nearby futures were unable to take out their late December high however, and retreated on Friday. Firm wholesale beef prices persisted for much of the week, however packer margins remain slim or negative, limiting the potential upside in the cash market. Lean hog futures' recent rally stalled, as the market was down on the week amid signs wholesale pork prices may be topping. However the cash market remained firm. Pork demand has good good in early 2016.

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