In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-.0550	3.7725	3.5675
Soybeans	-.2125	10.2825	9.91
Wheat	-.0750	4.6025	4.21
Cattle	-5.55	106.20	121.78
Hogs	-4.97	74.15	69.35
Cotton	-1.02	81.83	77.27
Milk	-0.08	14.25	15.80
Crude Oil	+3.47	65.88	47.70

Grain and soybean futures were down on the week, as an escalating trade war between China and the U.S. fed concern about U.S. ag exports. Corn and soybeans tumbled on Monday and again on Friday, making multi-week lows before rebounding before Friday's close. Some weekend rains in Argentina were one negative factor, although ultimately the rains are too little, too late in most cases. However, losses in Argentina will be at least partially offset by the large Brazil crop, as both soybeans and second-crop corn have had a long stretch of favorable weather. President Trump's announcement of new tariffs on China, and China's promise to retaliate, cast a gloom over both ag markets and equities during the week. Pork and soybeans are among the U.S. ag products thought to be most likely to be hit. However, there are already reports the two countries are quietly negotiating, and the near-term impact on U.S. soybean exports should be limited. Traders are awaiting Thursday's key USDA planting intentions and quarterly stocks reports, with an increase in soybean acres expected at the expense of corn plantings.

In the livestock complex, both live cattle and lean hog futures took a beating, tumbling to multi-month lows. The trade dispute with China was a negative factor, particularly for hogs. A sharply lower stock market added to the negative atmosphere. Lean hog futures were pressured by ample supplies and falling cash hog prices. Live cattle futures fell amid technical selling, weaker Plains cash trade and positioning ahead of the Friday afternoon Cattle on Feed report. The Cattle on Feed was bearing, showing placements at 107% of a year ago, compared to an average analyst estimate of 104.2. Total feedlot inventories were at 109% of a year ago, compared to an average analyst estimate of 108.2%.

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