In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0475	4.2300	3.5725
Soybeans	+0.4625	11.7825	9.4950
Wheat	-0.0225	4.9500	5.1350
Cattle	+0.45	122.45	155.80
Hogs	-0.02	82.28	81.3
Cotton	+0.83	64.75	64.89
Milk	+0.09	13.25	16.79
Crude Oil	+0.45	49.07	61.43

Soybeans led the grains complex to the upside, posting their ninth consecutive higher weekly close, the longest such streak since 1973. Problems with South American production continue to drive gains, as export demand shifts to the U.S. This was reflected in Friday's USDA monthly supply and demand report, which showed a 2016-17 projected U.S. soybean carryout of 260 million, down 45 million from last month's projection. USDA raised its projected season-average soybean price to $8.75-$10.25, up 40 cents from the prior month but still well below current levels. Also keep mind in that USDA's carryout projection reflects an outdated planted acres estimate of 82.2 million, which will almost certainly be higher due to the huge price rally over the past couple months. Corn prices were up on the week but ended weakly on Friday. However traders remain on edge about Midwest crop conditions, and forecasts calling for hot, most ly dry weather in the Corn Belt over the next two weeks. Wheat ended the week down slightly with pressure Friday from USDA's bearish U.S. crop and carryout estimates. Cotton was higher thanks to gains early in the week on a weaker U.S. dollar.

In the livestock complex, live cattle futures trade was choppy and volatile, as the market posted a big bearish daily reversal lower on Monday only to turn around with a bullish reversal higher on Wednesday. Strong packer margins and firm wholesale beef prices are supportive. Boxed Beef values were up $6 on the week. Cash cattle trade emerged late in the week at $128 in the southern Plains, steady with a week ago and at a premium to futures. Lean hog futures were also volatile, with some contracts making new highs for the move while nearby futures stalled. The CME cash lean hog index hit its highest level in more than 10 months amid solid pork demand and tighter hog supplies.

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