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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1150	3.7100	3.6150
Soybeans	+0.1350	9.5550	9.0450
Wheat	+0.0575	4.2975	4.5700
Cattle	+5.33	125.38	132.425
Hogs	-0.88	62.45	67.13
Cotton	+2.16	75.62	59.03
Milk	+0.13	15.23	13.72
Crude Oil	+0.94	53.18	37.26

Corn futures were higher on the week amid short-covering and some uncertainty about planting weather. Wet conditions across most of the Midwest with forecasts calling for more moisture through the end of April provided an underpinning, although the forecast does not look like a complete washout. Also, planting conditions across most of the South are favorable. Soybean futures also gained on the week, with short-covering and solid weekly export demand providing support. Technically, soybean futures posted a bullish weekly reversal, suggesting the market has bottomed for now, although the supply fundamentals still look negative with a huge Brazilian crop and increased U.S. acres this year. Export demand for soybeans and corn should continue to tail off in the coming weeks. Wheat futures were up on the week, although upside was limited by favorable moisture conditions in the Plains and improved winter wheat crop rating s. Cotton futures were higher amid bull-spreading with help from continued strong export demand. Rice futures set a near-three-month high before retreating and ending modestly lower on the week. The monthly Supply and Demand report was mostly a nonevent for the grains complex, although it was friendly for corn versus expectations. USDA also hiked its world soybean carryout projection by nearly 5 million metric tons. A large increase in 2016-17 cotton exports appeared to be factored into the market already.

In the livestock complex, cattle futures surged, hitting a new contract high in the June contract on technical buying and stronger cash trade. Cash trade of $128 in the southern Plains was up $2 from the prior week, and the premium to futures helped lift futures prices. Packer margins improved during the week with help from stronger beef prices, but margins remained only near break-even. Lean hog futures were on the defensive amid continued weakness in the cash market and technical pressure.

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