In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0600	3.5275	3.4650
Soybeans	-0.0450	9.8975	10.2700
Wheat	-0.1950	4.1900	3.9075
Cattle	-3.67	118.30	109.05
Hogs	-1.87	68.85	55.67
Cotton	+0.44	73.72	71.42
Milk	-0.09	14.40	17.07
Crude Oil	-1.05	57.31	50.84

Grain and soybean futures were down on the week, pressured by abundant supplies and technical selling. Wheat was the biggest loser, as it tumbled to new contract lows in Chicago and Kansas City while posting bearish weekly reversals technically. Potential support from lower U.S. planted acres and dryness in the southern Plains is several weeks away from becoming a market focus, and in the meantime wheat export demand remains lackluster in the face of large world supplies. Corn was also lower, amid large domestic supplies and weak exports. Corn and soybean traders continue to monitor South American weather and crop potential, and while there is some concern about dryness in Argentina and reduced second-crop corn plantings in Brazil, weather throughout most of Brazil is favorable. Cotton futures surged to a seven-month high in the March contract, tight near-term supplies and technical strength. Rice futures were down nearly 30 cents on the week, and ended 50 cents off the recent high. In the energy complex, crude oil futures retreated as bulls have been unable to overtake the $60 area amid a buildup in gasoline inventories and the promise of increased U.S. production on any price rally.

In the livestock complex, live cattle futures extended their slide on weakening cash market fundamentals and fund liquidation. Plains cash trade dropped $3-$4 from the prior week, and with rising market-ready cattle supplies and weak wholesale beef prices hurting packer margins, cash markets could continue to struggle in the near-term. Holiday-shortened slaughter weeks will also limit cattle demand in the near-term. Lean hog futures were also lower amid speculative selling and expectations of seasonal weakness in wholesale pork values. Futures' premium to cash also encouraged hedge selling. Domestic pork demand has been strong, but exports have slipped this fall.

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