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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.07	3.5875	3.83
Soybeans	+0.0525	8.7275	9.8375
Wheat	-0.0925	4.5750	5.2125
Cattle	-6.05	130.00	159.1
Hogs	+1.15	65.95	61.95
Cotton	-1.07	58.90	62.48
Milk	+0.04	13.87	15.8
Crude Oil	-1.45	29.44	51.21

Grain and soybean futures were mixed on the week amid rangebound trade. Corn and soybeans in particular remain in a sideways pattern, with lackluster export demand and an uneventful USDA report keeping the market in check. Wh eat was down on the week and set a new contract low in CBOT March futures, but did find support at the $4.55 area. USDA's supply/demand report was mostly as expected, with domestic carryout projections slightly above analyst estimates. Unsurprisingly it cut projected corn and wheat exports. It also increased world wheat ending stocks substantially, to another new record high. Weather remains mostly favorable for grain and soybean crops around the world at the moment. Cotton futures tumbled to their lowest level in more than a year amid technical selling a bearish USDA report, which slashed projected U.S. exports. Rice futures see-sawed but ultimately ended lower on the week, and crude oil plummeted to new bear-market lows on concerns about the world economy and the ongoing supply glut. Rumors that the world's major oil producers may coordinate output cuts are able to rally the market only briefly.

The cattle complex fell sharply in another volatile week, with fund-selling amid growing concerns about the general economy keeping live cattle futures on the defensive. The market found some support from its discounts to cash, but cash trade late in the week emerged $2 to $4 lower. Wholesale beef prices were soft, and packer margins remain negative on paper. The market's upside is limited as long as the stock market is reeling and worries about beef demand persist. Lean hog futures were mixed, as a firm cash market helped offset pressure from the cattle complex and the economy. Pork demand is likely to be soft seasonally in the weeks ahead.

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