In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1175	3.8225	3.3550
Soybeans	+0.5375	9.9600	10.5425
Wheat	+0.0425	5.1525	4.1200
Cattle	-1.52	114.78	111.80
Hogs	+1.10	91.73	81.05
Cotton	-0.02	75.29	63.67
Milk	-0.12	15.60	15.30
Crude Oil	-1.85	44.19	45.14

Grain and soybean futures rallied, with gains led by the soy complex amid technical buying, concern about drought in the northern Plains and solid near-term export demand. Drought in the northern Plains is supportive for the entire complex, and it is not expected to abate any time soon, with continued high temperatures and a lack of rain. Uneasiness over the weather also extends further south and east into the Corn Belt, with dryness across much of Iowa, as well as parts of Nebraska and central Illinois. Traders are closely monitoring weather forecasts for signs of a high-pressure ridge impacting the Midwest. Meanwhile spring wheat conditions remain poor and the likelihood of a short crop has started to attract broader attention and speculative buying. Cotton futures were steady on the week, hitting a three-week high late before retreating. Rains in West Texas remain a focus of the market, which is underpinned by impressive export demand. Rice futures were higher, posting their highest close on a weekly continuation basis since May 2016 but failing to close above the $12 level. The energy complex remained on the defensive, with crude oil falling amid a persistent global glut while natural gas fell to an eight-month low.

In the livestock complex, live cattle remained on the defensive on concern about beef demand and lackluster cash trade. Some contracts hit two-month lows. Wholesale beef prices fell for the second week in a row, indicating holiday beef clearance was lousy, although the price decline was not quite as sharp as in the prior week. Packer margins remain very strong despite the tumble in beef prices. Cash cattle trade in Kansas took place at $117, steady to $2 lower from a week ago. Lean hog futures were higher, setting multi-month highs at mid-week, stumbling on speculative profit-taking Thursday, and stabilizing on Friday.

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