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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0550	4.1825	3.5900
Soybeans	+0.4550	11.3200	9.3525
Wheat	+0.1575	4.9725	5.1075
Cattle	+2.30	122.00	152.50
Hogs	+1.77	82.30	83.55
Cotton	-0.36	63.92	65.24
Milk	+0.28	13.13	16.73
Crude Oil	-0.71	48.62	59.64

The grain and oilseeds complex extended its run, led by soybeans, which surged to their highest level in nearly two years. South American production problems and the potential for increased U.S. export demand has been the main fundamental factor in the rally, which has also been driven by speculative fund-buying. Spec funds are holding a historically large long position and the market is vulnerable to a sharp pull-back, but the trend for now remains up. Corn futures followed soybeans higher, charting their fourth straight weekly gain and highest weekly close in more than 10 months. Corn planting in virtually finished, and the trade is now watching weather forecasts, which are indicating hot weather over the next two weeks in the Midwest. However the forecast is not completely dry for the Corn Belt, and soil moisture entering this period is generally good. Wheat futures rallied amid short-covering and worries about c rops in western Europe following heavy rains, particularly in France. Cotton futures were down slightly on the week, and rice futures surged amid short-covering, firm prices in Asia and concern about the Asian crop. A plunging U.S. dollar on Friday in response to a disappointing monthly jobs report was supportive for commodities in general.

Live cattle were higher on the week amid firm cash prices. Actual cash trade did not occur until the end of the week Friday, but at $128 in the southern Plains, it was up $3 from the prior week and at a significant premium to futures. Wholesale beef prices were mixed on the week. Lean hog futures surged, with July and August futures leading the way on optimism about demand. The outlook for U.S. exports is boosted by high Chinese pork prices and Brazilian producers' troubles with high feed costs. August futures soared to new contract highs. Wholesale pork values were up on the week.

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