In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0375	3.8400	4.2525
Soybeans	-0.0250	9.3900	11.3450
Wheat	+0.1950	4.6525	4.7250
Cattle	-9.55	121.70	117.275
Hogs	-0.38	82.33	87.08
Cotton	-3.81	71.88	63.30
Milk	+0.05	16.33	13.22
Crude Oil	-1.10	44.73	46.21

Grain and soybean futures were mixed in what was a bearish week for commodities in general. Corn was pressured by an improving weather and crop picture, with warm temperatures boosting crop development and a stormy pattern across the Midwest easing concerns about dryness. Losses were limited however by longer-range forecasts calling for above-average temperatures throughout the Corn Belt through the end of the summer. Wheat futures meanwhile surged, underpinned by disappointing hard red winter yields and quality concerns, along with a sharp decline in spring wheat crop ratings. USDA reported the spring wheat good/excellent rating dropped 10 points in the week ended June 11 to 45%, by far the lowest rating over the past 20 years. Minneapolis spring wheat futures soared to their highest level in more than two years, while winter wheat contracts made multi-month highs. Rice futures also surged, rallying to a new one-year high on solid export sales and strong prices in Asia. In the other direction, cotton futures tumbled to their lowest level in more than five months on bearish U.S. crop expectations. Hanging over the grains and oilseeds complex was broad commodity weakness that saw crude oil post significant losses for the third straight week while major commodity indexes fell to their lowest levels in several months.

In the livestock complex, live cattle futures tumbled on sharply lower cash trade and expectations of weaker beef demand. Cash trade during the week in the Plains was down as much as $7 from a week ago at $130-34. The market was unmoved by news of the first U.S. shipments of beef to China in 14 years. Lean hog futures were down slightly amid technical selling. Wholesale pork prices remained firm however and hit a two-year high, while cash hog prices surged in the latter half of the week.

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