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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1825	4.1275	3.4950
Soybeans	+0.1225	10.865	9.2700
Wheat	+0.1375	4.815	4.8775
Cattle	-1.35	119.70	152.47
Hogs	+0.68	80.53	83.78
Cotton	+2.61	64.28	63.05
Milk	-0.02	12.80	16.21
Crude Oil	+0.92	49.33	57.51

Grain and soybean futures extended their spring rally, with soybean futures ending higher for the seventh straight week on concern about supplies in Argentina, continued gains in soybean meal and technical buying. Large speculators are holding an extremely large net long position in the soy market, leaving it vulnerable to a sharp retreat, but for now the trend remains higher. Corn also gained, posting its highest weekly close for the nearby month in nearly a year, with gains driven by strong recent export demand an uncertainty about U.S. acreage. Overall the outlook for U.S. corn and soy production is favorable, with last week offering a good planting window in the eastern Corn Belt and most areas seeing good soil moisture. Wheat rallied on support from corn and short-covering in a market that may have already priced in the negative fundamentals. Concern about hard red winter wheat quality is a supportive factor, b ut overall wheat production potential is favorable globally. Cotton futures surged amid solid weekly export demand and uncertainty about the Texas crop, while rice futures tumbled amid technical selling and mostly favorable U.S. crop conditions. Crude oil was higher on the week and briefly climbed above the $50 level.

In livestock, live cattle futures tumbled to start the week on a bearish Cattle on Feed report and ended the week lower, although the market did rebound Thursday and Friday. Although cash trade in the southern Plains was down $7 from the prior week at $125, this was still more than $5 premium to nearby futures, giving them an underpinning. Along with Cattle on Feed, sharply lower wholesale beef prices weighed on the market. Lean hog futures were higher on the week on technical support, positive economic indicators and firm wholesale pork values. Cash hog prices were soft however.

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