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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1075	3.8525	3.7275
Soybeans	+0.2350	10.7100	10.2675
Wheat	+0.3575	5.0000	4.3200
Cattle	-2.68	122.18	116.15
Hogs	-3.80	67.58	68.28
Cotton	+0.75	82.09	75.69
Milk	+0.17	14.03	16.03
Crude Oil	-2.30	61.25	52.61

Soybeans and wheat ripped higher, surging on continued speculative fund-buying and concern about crops in Argentina and the southern U.S. Plains. The rally in the soy complex continued to be led by soybean meal, and soybeans made new contract highs on the move. Wheat futures in Chicago and Kansas City climbed to their highest level in more than six months, with dryness in the southwest Plains a key supportive factor. A monthly Crop Progress report for various states showed the hard red winter wheat crop entering the season in poor shape, with only 4% of the crop in Texas and Oklahoma rated good/excellent, while more than 70% in each state was rated poor/very poor. Corn futures also gained on the week, lifted by wheat and soybeans and Argentina crop losses. The grains complex stayed firm despite some significant negative policy news, including ongoing meetings at the White House over proposed changes to the Renewable Fuel Standard, that ethanol groups fear would weaken the ethanol mandate. President Trump's announcement late in the week of tariffs on steel and aluminum imports also stoked fears among ag groups, about a potential trade war.

In the livestock complex, live cattle futures fell for the second week in a row, pressured by the February Cattle on Feed report and fund selling. Futures fell to their lowest levels in several weeks. Demand uncertainty caused by U.S. trade policy and stock market losses hung over the complex, but losses were limited by firm wholesale beef prices and a U.S. economy that still appears strong. Cash cattle trade was mostly down $1-2 from the prior week in the Plains. Lean hog futures ran out of steam, as a demand-driven rally faltered in the face of continued weakness in cash hog markets and a downturn in wholesale pork values.

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