In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1725	3.3500	4.0275
Soybeans	-0.6600	10.0650	10.2075
Wheat	0.0050	4.2525	5.1675
Cattle	-0.098	109.95	144.50
Hogs	-2.64	75.28	78.53
Cotton	-1.34	72.52	65.64
Milk	-0.04	15.29	16.37
Crude Oil	-2.46	44.19	49.19

Last week was a rough one for corn and soybean futures as weather worries continued to recede amid favorable Midwest rains and less threatening weather forecasts. Soybeans in particular were pressured by more favorable outlooks for weather during August, the key growing period for the U.S. crop. Losses were limited by extreme heat in the U.S. Plains. Corn futures fell to new contract lows on Thursday before some profit taking set in. Most-active November soybean futures fell to a 3-month-plus low. Wheat futures fell to new contract lows again at midweek under pressure from the bumper U.S. harvest and rising export competition, but charted bullish reversals on Friday amid rising concerns about the crop in France and surging European wheat futures contracts.

Livestock futures came under further pressure from cash market weakness spurred by ample hog and market-ready cattle supplies. Live cattle futures plunged to new contract lows again on Thursday, before rebounding on position evening ahead of USDA's monthly Cattle-on-Feed report. That report, released after Friday's close, was bullish for prices, pegging June feedlot placements below the range of trade expectations and confirming strong June feedlot marketings. Most lean hog futures contracts fell to new contract lows under pressure from seasonal increases in hog supplies and prospects for further increases, which drove cash hog markets lower despite strong packer operating margins. Expectations for further supply increases kept pressure on deferred contracts, before profit taking set in on Friday amid oversold conditions.
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