In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1175	3.3750	3.6400
Soybeans	-0.1850	10.275	8.9225
Wheat	-0.0825	3.8750	4.5225
Cattle	-2.52	108.23	129.10
Hogs	-0.30	50.75	59.35
Cotton	-0.67	71.98	62.11
Milk	+0.24	17.10	14.64
Crude Oil	+5.55	51.61	39.94

Corn futures posted their largest weekly declines in more than three months, retreating amid a lack of fresh demand news and mostly favorable South American weather. Soybeans also fell, with profit-taking emerging after strong recent gains. While conditions are expected to remain very good in Brazil over the next two weeks, there are dryness issues emerging in parts of Argentina. Rains forecast for mid-December will be important in preventing serious stress to corn and soybeans in the region. Wheat futures meanwhile tumbled to new contract lows in Chicago, pressured by ample world supplies, lackluster demand and rains across the southern U.S. that eased concerns about winter wheat crops in the drought-plagued region. Minneapolis wheat ended the week higher however as the supply outlook for high-quality spring wheat is tighter. Cotton futures were down on the week, with the ongoing harvest in West Texas and favorable yields keeping a lid on the market. In the energy complex, crude oil futures soared as OPEC agreed to a production cut at its Nov. 30 meeting. It remains to be seen how bullish this decision is, as crude has yet to take out its October highs in the $52-$53 area. Natural gas futures were also up, gapping higher to start the week for the second straight week as winter weather drives improved demand.

In the livestock complex, live cattle futures retreated despite strong cash trade as high as $115 in the Plains, up $2-3 from last week. Technical selling and profit-taking emerged after futures hit their highest level in a couple months, and soft wholesale beef prices weighed on futures late in the week. Lean hog futures were down slightly on the week, again despite strength in the cash market. Packers looking to make up for Thanksgiving slaughter disruptions amid continued strong operating margins helped to underpin hog demand.

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