In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	0.0375	3.4925	3.6600
Soybeans	0.5225	10.4600	8.7525
Wheat	-0.1225	3.9575	4.7925
Cattle	2.42	110.75	130.95
Hogs	3.25	51.05	58.80
Cotton	-0.75	72.65	61.98
Milk	-0.01	16.74	15.33
Crude Oil	-0.30	46.06	43.04f

Soybeans were the big story during the week, surging to a new four-month high on strong export demand and bullishness about biodiesel demand that drove a rally in soybean oil. Soybean oil rallied to a new 2 1/2-year high Wednesday after EPA issued its final Renewable Fuel Standard obligations for 2017. The EPA's new advanced biofuels mandate for 2017 was set at 4.28 billion gallons, up from a May proposal of 4.0 billion and a 2016 total of 3.61 billion. EPA's final conventional-ethanol mandate was also favorable for ag, as it set the volume at 15 billion gallons, up from a May proposal of 14.8 billion. The market impact for corn was limited however. For the week corn was up slightly, while wheat futures stumbled in Chicago. Forecasts calling for some much-needed rain across the U.S. Delta and Southeast weighed on soft red winter prices. The surging U.S. dollar was also a negative factor for the grains complex, as it hit a new 13-year high on Wednesday before retreating the day after Thanksgiving. In the energy complex, crude oil was down slightly in a volatile week as traders tracked news ahead of this week's OPEC meeting in Vienna. Natural gas futures also surged.

Futures in the livestock complex surged on higher product prices and strong cash trade. Live cattle climbed to a three-month high on Friday following cash trade in the Plains at $110-$113, up as much as $3 from the prior week. Wholesale beef prices were also firm on the week, helping to underpin packer margins which have nonetheless thinned during November. Lean hog futures rallied to new 2 1/2-month highs amid stable cash prices and higher wholesale pork values. Packer margins remain very strong, underpinning demand, and the monthly Cold Storage report on Tuesday showed smaller frozen pork supplies than expected.

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