In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0575	3.6075	3.2100
Soybeans	-0.1375	9.3550	10.2225
Wheat	-0.1550	4.3925	4.1625
Cattle	-5.73	109.73	116.025
Hogs	+1.43	84.65	67.20
Cotton	-1.75	69.24	71.27
Milk	+0.14	16.47	16.97
Crude Oil	-0.76	48.82	43.49

Grain and soybean futures were sent tumbling by Thursday's monthly USDA report and ended down on the week. The Crop Report held some major surprises, notably for corn, as USDA projected a crop at 14.153 billion bushels, down only slightly from last month and well above expectations. USDA's yield estimate of 169.5 bushels/acre was 3.5 bushels above the average analyst estimate, and it will be hotly debated by the trade over the next several weeks if not months. USDA estimated the soybean crop at 4.381 billion bushels, up 121 million from its July estimate and 178 million above the average analyst estimate. The report was also negative for wheat and highly bearish for the cotton market, but supportive to rice futures, which rallied to new highs. In addition to the report, the grain and soy complex was pressured by what remains a mostly benign U.S. weather outlook, with moderate temperatures persisting through the first half of August along with timely rains in most areas. Parts of Iowa and Nebraska remain an exception to the benign conditions, along with the Dakotas. In other markets, crude oil futures fell as world supplies remain too comfortable to support recent market strength.

In the livestock complex, live and feeder cattle futures fell sharply amid expectations of rising fed cattle supplies and technical selling. Weaker cash trade in the Plains at $115 added to the pressure on futures, along with soft wholesale beef prices. Live cattle futures hit four-month lows before finding support on Friday. The market remains in a long-term downtrend. Lean hog futures surged to their highest level in more than two weeks on Monday but remained in a holding pattern for the rest of the week as gains were limited by the weakness in cattle as well as soft wholesale pork values and a seasonal increase in hog supplies.

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