In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1500	3.5250	3.7175
Soybeans	+0.1000	10.3750	8.7675
Wheat	+0.1275	4.0025	4.7800
Cattle	+0.51	108.73	119.85
Hogs	+5.98	56.73	56.75
Cotton	-0.24	70.80	64.81
Milk	-0.07	17.09	14.60
Crude Oil	-0.21	51.47	37.17

Grain and oilseed futures were mostly higher on the week, with much of the gain coming after Friday's USDA report, which was mostly neutral for the complex. The report left domestic ending stocks unchanged for corn, soybeans and wheat, leaving in place what are burdensome supply projections. Meanwhile USDA's revisions for the world balance sheet were negative, with ending stocks for corn, wheat and soybeans all higher and all above trade expectations. The trade is also keeping an eye on South American weather, and while conditions in Brazil remain highly favorable, dryness in parts of Argentina remain an underlying but growing concern. U.S. export demand remains a mostly positive factor for corn and soybeans. A retreat in soybean oil prices could add pressure to the soy complex. Cotton was down slightly on the week but remains in a sideways trading pattern. The USDA report Friday was negative for cotton, as an upwar d revision to the estimated size of the Texas crop more than offset losses in the Carolinas. In the energy complex, crude oil was down slightly on the week as traders awaited more news on possible production cuts by OPEC and non-OPEC members, while natural gas futures soared to their highest level in more than a year.

In the livestock complex, lean hog futures soared, rocketing to their highest level in four months amid strength in the cash market and technical buying. Wholesale pork values were higher and continue to hold up well despite record production, limiting declines in packer margins. Live cattle futures chopped sideways and ultimately ended higher on the week despite weaker cash trade. Packer margins have evaporated and hovered around break-even during the week. Seasonal weakness in wholesale beef prices weighed on futures, while cold weather in the Plains was supportive, along with continued strength in the stock market.

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