In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0600	3.5800	3.5325
Soybeans	-0.1050	9.8600	8.7575
Wheat	+0.1525	4.2325	4.6275
Cattle	-1.22	114.83	136.525
Hogs	-2.18	63.98	60.83
Cotton	+3.34	73.99	62.00
Milk	+0.13	16.60	13.52
Crude Oil	+0.23	53.93	33.97

Corn futures were higher on the week but ended on a down note as poor weekly export sales weighed on the entire grain/oilseeds complex Friday. Marketing-year lows for export sales in corn, soybeans, wheat and rice were partially due to a holiday shortened week, but disappointing nonetheless, and the prospect of shifting demand to South America hangs over the market. South American weather conditions remain mostly favorable, although concern about excessive rains in parts of Argentina supported prices early in the week. Corn closed Friday with a bearish outside day lower on the chart, and soybeans wiped out all of their gains from earlier in the week on Friday amid speculative selling. Grains traders are looking ahead to several important USDA reports Jan. 12, including quarterly Grain Stocks as well as Winter Wheat Seedings. Cotton futures surged on the week, climbing to their highest level since August on tightenin g near-term supplies and solid export demand. Rice futures were up on the week. Crude oil futures were near unchanged as the market trades in a $50-$55 range, but natural gas prices continued to tumble amid speculative selling and a smaller-than-expected weekly drawdown in stocks.

In the livestock complex, live cattle futures were down on the week despite mostly firm cash trade. Soft wholesale beef prices late in the week weighed on the complex, and packer margins, while still positive, have dwindled. Seasonal weakness and a snowstorm in the eastern U.S. were negative for demand. Lean hog futures were also lower, although the market continued to hover near multi-month highs. Futures are looking quite high-priced relative to current supply fundamentals, although the demand picture is strong.

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