In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1075	3.7475	3.5375
Soybeans	+0.1350	10.2700	8.5625
Wheat	+0.0250	4.3375	4.5325
Cattle	+1.02	115.98	135.45
Hogs	-1.28	66.75	70.35
Cotton	+1.86	77.28	58.42
Milk	-0.33	15.94	13.77
Crude Oil	-0.65	53.34	34.57

Grain and soybean futures were higher on the week, with much of the strength coming early amid speculative buying and concern about harvest delays in South America. New-crop corn futures rallied to their highest level in eight months, fed in part by news reports early in the week that the Trump administration was moving to expand use of E15. However those reports remained unconfirmed by the end of the week, and it was unclear how much near-term impact the proposed change would have on ethanol production. Technically, both corn and soybeans posted bullish outside weeks. Wheat ended higher, with support for K.C. futures in particular coming from growing concern about dryness in the central and southern U.S. Plains. Cotton futures surged, with nearby months leading the way amid concern about a short squeeze and excellent export demand. December cotton set a new contract high. A stronger U.S. dollar late in the week lim ited the upside in the ag complex, as the dollar index hit a new seven-week high. In the energy complex, crude oil was down on the week as choppy, sideways trade continues. In natural gas, after a bearish month of February the market has started to rebound, and was up on the week.

In the livestock complex, live cattle futures rallied to a five-week high, supported by surging beef prices and futures' discount to cash prices in the Plains, which remained firm. However the market ran out of steam late in the week as prospects for rising market-ready cattle supplies appeared to cap buying interest. Packer margins are back in positive territory after several weeks in the red, aided by wholesale beef prices. Lean hog futures were down on the week as cash hog prices came under pressure from ample supplies. Wholesale pork prices were choppy during the week.

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