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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0425	3.4875	3.5750
Soybeans	-0.0350	9.7525	10.1425
Wheat	+0.0125	4.2725	4.1450
Cattle	+3.70	115.38	104.125
Hogs	-0.40	64.45	45.38
Cotton	+1.32	68.20	69.76
Milk	+0.11	16.71	14.78
Crude Oil	+2.06	53.90	49.72

It was a quiet week in the grains complex, as corn, soybean and wheat futures traded tight ranges amid mostly favorable weather conditions. Corn and wheat futures were up slightly on the week, while soybean futures were down slightly. Improving weather conditions in Brazil, where central growing areas had been especially dry, weighed on soybeans as the region is starting to see more rain. Here in the U.S., harvest weather has been mostly favorable, and while the corn harvest is behind schedule, the extended weather forecast does not indicate major delays. Soybean yield reports remain very strong and while there are some concerns with low protein content, that should not be a major market factor. Wheat futures are limited by large global supplies and favorable U.S. winter wheat planting weather, and the December contracts in both Chicago and Kansas City are hovering just above contract lows. Cotton futures were up on the week thanks to a sharp rally on forecasts calling for a hard freeze in West Texas growing areas. Rice futures fell to new multi-month lows. Crude oil futures rallied, led by Brent (world) futures, which topped $60 for the first time in two years. Commodities in general faced pressure from a surging U.S. dollar.

In the livestock complex, live cattle futures shook off some early weakness on the bearish Oct. 20 Cattle on Feed report and took off from there, with support from optimism about cash cattle trade and stronger wholesale beef prices. Most contracts surged to new contract highs, and most-active December futures rose to their highest level in more than four months. Lean hog futures were mixed on the week, as nearby December futures were down slightly while deferred contracts all moved to new multi-month highs. Strong demand continues to trump record hog supplies.

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