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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0050	3.3650	3.8325
Soybeans	-0.1100	9.5500	8.6375
Wheat	+0.0150	4.0475	5.0750
Cattle	-0.60	107.28	133.22
Hogs	-1.48	54.00	70.55
Cotton	+1.34	69.08	58.7
Milk	+0.02	16.38	15.83
Crude Oil	+1.11	44.73	44.48

Corn futures drifted sideways, with pressure coming from the cash market and widening basis levels. Corn and soybeans had some support from the excessive rains across Iowa, southeast Minnesota and western Wisconsin, which caused flooding, along with harvest delays and quality concerns. However most of the rest of the Midwest continued to enjoy favorable harvest weather, and early soybean yield reports are very strong, fueling increased talk of a national yield above 50 bushels per acre. Corn yields thus far have not been quite as strong, but still point to a large crop and a resulting carryout exceeding 2 billion bushels. Wheat futures remain in a sideways pattern, with bulls unable to gain any traction in the face of a struggling corn market and abundant world supplies. Nearby Chicago wheat futures briefly rallied to a new one-month high on Thursday, but there was no follow-through and prices quickly retreated. Cot ton futures rallied early in the week, climbing to their highest level in six weeks amid concerns about the Texas crop, before trimming gains late in the week. In the energy complex, natural futures surged to their highest level in a year before retreating late in the week.

In the livestock complex, lean hog futures continued to slide on abundant supplies. Nearby October made fresh contract lows, while December and February futures hovered just above their lows. Live cattle futures were also lower amid concern about beef demand as traders awaited cash trade and the Friday Cattle on Feed report. Light cash trade emerged late in the week at $104 in the southern Plains, down from $110 the prior week. The Cattle on Feed report was was slightly negative for the market. It showed placements at 1.879 million head, up 15% from a year ago, compared to an average analyst expectation of a 12.6% increase.

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