In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0350	3.7975	3.3425
Soybeans	+0.2000	10.0900	10.3250
Wheat	-0.1150	4.9925	4.1775
Cattle	-1.38	116.43	107.525
Hogs	+1.20	81.10	74.45
Cotton	+1.96	69.14	72.66
Milk	-0.12	15.50	15.27
Crude Oil	-0.98	45.77	44.75

Corn futures were up on the week, but trade was choppy and the market retreated significantly to end the week. Forecasts calling for cooler weather through the end of July, along with increased rainfall in recent days in the Midwest, pressured the market late. Soybean futures were higher, rallying on U.S. crop uncertainty and solid exports. A sharply lower U.S. dollar index, which fell to its lowest level in a year, also helped the grain and oilseeds complex. Winter wheat futures however were down on the week amid concerns about demand and plentiful supplies, while Minneapolis spring wheat futures gained on drought damage to the U.S. crop and concerns about Canadian production. Cotton traders endured an up-and-down week but ultimately futures were up two cents, driven by the dollar and improved export sales. Rice futures surged late in the week on news of an agreement with China that will open up U.S. rice shipments to that country for the first time. Officials warned that U.S. shipments are not imminent, but the prospect of a huge import market opening up to the U.S. is supportive long-term. Crude oil futures retreated amid choppy trade as gas demand remains lackluster and global supplies ample.

In the livestock complex, live cattle futures were mixed, with nearby months declining amid light cash trade and deferred contracts holding steady. Friday afternoon's monthly USDA Cattle-on-Feed report was bearish for live cattle prices, particularly deferred contracts. USDA pegged June feedlot placements at 116.1% of a year earlier, well above pre-report trade estimates. Total feedlot inventory was bearish as well. Lean hog futures were up on the week, underpinned by their discount to the CME cash index, although expectations of a large seasonal increase in hog supplies weighed on the market. USDA expects third-quarter pork production to be up 3.2% from the prior quarter, and fourth-quarter production to be up another 11.3%.

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