In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0375	3.5875	3.3175
Soybeans	+0.0100	9.9425	10.2975
Wheat	+0.0375	4.3850	3.7150
Cattle	-2.60	121.98	110.58
Hogs	+1.33	70.73	50.23
Cotton	+1.35	73.28	71.80
Milk	-0.09	15.33	16.99
Crude Oil	-0.69	58.26	51.06

Grain and soybean futures were up modestly on the week, driven by broad commodity strength, technically driven short-covering and uncertainty about South America crop potential. Most-active March corn futures gained each of the last three days of the week and posted a bullish weekly reversal higher. Talk of China buying of U.S. corn helped to support the market, and was fed by a couple of corn export sales to “unknown destinations.” Firm interior basis levels also supported futures, as did concern about dryness in Argentina. However, U.S. supplies remain ample. Wheat futures rebounded after hitting new contract lows in Chicago and Kansas City on Tuesday, and ended higher on the week. Dryness in the southern Plains and into the Mississippi Delta region is supportive to winter wheat futures. Cotton futures surged to a 2 ½-month high, although after peaking on Wednesday the market failed to make a run at its September high. Strong export demand has helped drive the cotton market. Rice futures rallied to a new six-week high. Crude oil futures were down on the week as the market continues to hover just below the $60 level.

In the livestock complex, tumultuous trade continued in the live cattle market, as the market tumbled amid technical selling despite Plains cash trade that emerged at $120-21, up $2-3 from the prior week. Weaker wholesale beef prices pressured futures, and packer margins took a hit from the sliding beef prices and higher cash trade, which could limit demand for cattle in the near-term. Rising supplies of cattle on feed also cloud the futures price outlook. Lean hog futures climbed for the second week in a row on stronger cash hog prices and continued strength in the wholesale pork market. Nearby futures set a four-week high while June lean hog futures set new contract highs.

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