In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0500	3.6150	3.5650
Soybeans	-0.0675	9.7875	9.8550
Wheat	+0.0575	4.4675	4.4100
Cattle	+1.50	126.13	124.625
Hogs	-0.25	73.55	73.80
Cotton	-3.18	77.30	80.48
Milk	+0.29	13.61	13.32
Crude Oil	-1.06	65.08	66.14

Strong export demand and concern about Argentina's crop in the face of heat and dryness helped drive corn futures to their highest level in more than three months. Short-covering by speculators holding large net long positions was also a factor. Wheat and soybeans were more volatile and moved in tandem for much of the week, however the concerns about Argentina's soybean crop were not enough to prevent a late-week selloff in soybeans. Argentina soy crop estimates are falling and could drop substantially further without improved rain over the next couple of weeks. Soybeans rallied to new eight-week highs early in the week before retreating. Wheat futures meanwhile were underpinned by drought conditions in the southern Plains and ugly winter wheat crop ratings in monthly state Crop Progress reports. Winter wheat futures rallied to their highest levels in more than three months. While corn export sales remain strong, export demand for soybeans is a negative factor. Cotton futures fell sharply, with losses led by nearby contracts amid speculative profit-taking after recent gains. Crude oil was down on the week amid expectations of robust U.S. production this year.

In the livestock complex, live cattle ultimately ended higher in what was a chaotic week. Deferred live cattle contracts rose to their highest level in more than two months on a USDA Cattle Inventory report that signaled slowing herd expansion. Larger supplies of cattle on feed are being offset by strong beef demand, especially in the export market. Wholesale beef prices were firm throughout the week. Trade issues remain a threat, however, to meat exports. Lean hog futures were mostly down on the week amid speculative liquidation. The prospect of a sizable year-over-year increase in hog supplies weighed on the market, although nearby February futures were supported by continued strength in the cash hog market.

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