In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.5325	3.8450	3.5925
Soybeans	-0.5650	11.0300	9.6900
Wheat	-0.2650	4.5475	4.9125
Cattle	-2.02	114.70	151.95
Hogs	-2.12	84.05	78.00
Cotton	-0.07	64.50	63.88
Milk	+0.01	13.22	16.75
Crude Oil	-0.92	47.64	59.92

Corn, soybean and wheat futures all tumbled amid an improved U.S. weather outlook, technical selling and a stronger dollar. The losses were exacerbated Friday after the U.K.'s vote to leave the European Union helped send the U.S. dollar surging, but the grains complex was tumbling even before the "Brexit," as corn undid five weeks of gains in just a few days. Rains across much of the Corn Belt, and forecasts calling for cooler weather over the next several days, eased concerns about the Midwest corn crop, although market bulls continue to highlight the warmer-than-average temperatures that have persisted throughout the season thus far as a threat to yield potential. Traders are awaiting the June 30 acreage and quarterly stockpiles reports from USDA. Export demand remains solid thanks in part to the problems with this year's corn and soybean crops. Wheat futures faced added pressure from the ongoing winter wheat harvest and strong yields for hard red winter in particular. Along with the grains complex, other commodities including crude oil fell, pressured in part by the dollar's surge on Friday as investors sought a "safe haven" following the Brexit vote, which has fueled uncertainty about the world economy.

Livestock futures also fell, as the worries about the economy did not help the demand outlook. Live cattle and feeder cattle futures tumbled on Monday to new contract lows on pressure from sharply lower cash trade. The cattle market saw no follow-through after that, but came under renewed pressure Friday as commodities tumbled on the Brexit vote. Cash fed cattle trade fell further on the week to $115-$116 in the Plains, down $5-$6 from the prior week. Friday's Cattle on Feed report showed May placements up 10% from a year ago, slightly above expectations. The Quarterly Hogs and Pigs report showed a record-large hog herd for the date, with an increase of 2% from a year ago.

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