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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1425	3.7600	3.6375
Soybeans	+0.0525	10.2625	9.8850
Wheat	-0.2475	4.5325	4.7725
Cattle	+5.81	120.73	160.80
Hogs	-1.10	76.80	75.33
Cotton	-2.13	61.63	67.32
Milk	-0.30	12.87	16.24
Crude Oil	-1.26	44.66	58.58

Corn and wheat both fell sharply on the week on pressure from a favorable crop outlook and technical selling. Corn posted a bearish key reversal on Tuesday and broke through trend line support. Planting progress picked up amid dry weather and remains ahead of schedule, and interior basis levels are poor. Strong corn export demand remains a supportive factor however. Wheat tumbled in part on results from the Wheat Quality Council tour in Kansas, which projected a near-record crop in the state. Rainy April weather boosted soil moisture in the southern Plains without causing significant disease pressure. The soybean market was on the defensive early in the week but rebounded strongly on Friday as concerns about Argentina's crop continue to underpin the market. Cotton futures sank on profit-taking following strong recent gains, and posted a bearish outside week lower. Rice futures gained on the week, driven by concern a bout crops in Asia that have suffered from drought conditions and a searing heat wave in India. Crude oil futures were lower on the week as the world supply glut offset a big weekly decline in U.S. output and concerns about Canadian production in the face of an intense wildfire.

Live cattle futures soared on expectations of a seasonal increase in wholesale beef prices and higher cash trade. Although the higher beef prices did not emerge, as USDA's Boxed Beef report showed losses throughout the week, higher cash trade did appear, late on Friday. Trade of $128 in the southern Plains was up $4 from the prior week and left cash at a premium of more than $7 to futures, even with futures' strong gains on the week. Packer margins have evaporated. Lean hog futures were lower amid profit-taking after the market ran into technical resistance. Weaker pork demand and narrowing packer margins also weighed on the market.

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