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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	0.0125	3.530	3.3675
Soybeans	0.1550	9.8425	9.7650
Wheat	0.0050	4.4950	4.0550
Cattle	3.83	111.58	107.075
Hogs	-5.28	55.70	54.20
Cotton	-1.04	69.09	71.17
Milk	0.14	16.37	16.38
Crude Oil	0.22	50.66	46.32

Soybean futures rallied, surging to their highest level in more than six weeks on Friday on robust export demand, uncertainty over U.S. yields and some concerns about weather in South America as their season starts. Soybean exports have picked up seasonally, with a huge weekly total as well as the sixth-biggest one-day export sale on record. Corn futures treaded water during the week, with abundant domestic supplies and the early harvest pressuring the market while lingering uncertainty about yields and technical support underpinned prices. Winter wheat futures were firm on the week, while Minneapolis wheat surged and posted a bullish weekly reversal higher. Corn, soybeans and wheat all look to have made bottoms, although any rally should still be impeded by ample global supplies. Cotton futures were down on the week, pressured by a generally favorable West Texas crop outlook. Both cotton and rice made new four-week lows. Crude oil futures rallied to a four-month high early in the week but ended the week only slightly higher, as global supplies remain abundant despite OPEC production cuts.

In the livestock complex, live cattle futures surged to a six-week high and ended the week strongly amid optimism about cash cattle trade given the robust margins enjoyed by packers. However, traders were awaiting Friday's Cattle on Feed report, and that report was negative for prices. USDA reported placements at 103% of a year ago, well above the average trade estimate of 97.1%. Feedlot inventories came in at 104%, up from the average analyst estimate of 102.7%. Lean hog futures meanwhile moved sharply in the other direction, tumbling to a new contract low in the October contract amid continued weakness in the cash hog market and ample supplies. Wholesale pork values also fell sharply for the second straight week.

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