In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0500	3.4625	3.5825
Soybeans	-0.1025	9.6050	10.3200
Wheat	-0.1025	4.2050	4.2625
Cattle	-1.87	117.38	117.47
Hogs	+0.16	71.58	65.95
Cotton	+3.67	81.68	72.34
Milk	-0.37	13.07	16.79
Crude Oil	+2.86	64.30	53.01

Grain and soybean futures were lower as traders spent much of the week bracing for Friday's key USDA reports, which included quarterly grain stocks, winter wheat seedings and monthly supply and demand, as well as final 2017 crop estimates for corn and soybeans. Corn futures fell to new contract lows as USDA reaffirmed very large domestic supplies, fed by an average 2017 crop yield of 176.6 bushels per acre, up 1.2 from USDA's prior estimate. USDA also had a bearish surprise for wheat, showing hard red winter wheat seedings down only slightly from a year ago, while soft red winter wheat seedings were actually higher. For soybeans, the market was down on the week but staged an impressive rally on Friday despite USDA offering no bullish support in its reports. USDA slashed projected U.S. 2017-18 exports by 65 million bushels and raised the projected domestic carryout by 25 million bushels. It raised Brazil's soybean crop estimate as expected. Cotton futures were sharply higher on the week, again soaring to new contract highs, although the market retreated on Friday. A declining U.S. dollar and firm crude oil prices added support to cotton.

In the livestock complex, live cattle futures were lower, pressured by technical selling and surprising early-week cash cattle trade at lower prices in the Plains. Prospects for seasonal weakness in the beef market and rising market-ready cattle supplies could keep the market on the defensive, although winter weather remains a wildcard for the market. Feeder cattle futures spent the week consolidating after a sharp downturn to end the prior week. Lean hog futures started the week strong on surging cash hog prices, but retreated at mid-week as wholesale pork prices were soft and packer margins deteriorated. Expectations of increased second-quarter supplies hang over the market.

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