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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1050	3.8775	3.5850
Soybeans	+0.1650	10.4475	9.6900
Wheat	-0.0925	4.5100	4.2550
Cattle	-3.63	102.58	121.35
Hogs	+2.40	76.55	65.30
Cotton	-0.37	81.46	76.14
Milk	+0.04	14.27	15.83
Crude Oil	-0.94	64.94	49.51

Corn and soybean futures were propelled by bullish acreage estimates in Thursday's USDA plantings survey. UDSA's corn planting intentions estimate was down 2.14 million acres from last year's plantings, and nearly 1.5 million below the average analyst estimate. Soybean intentions were 1.16 million below last year's plantings and 2 million below the average analyst estimate. While the report reaffirmed that soybean plantings would overtake corn this year, the report overall was bullish for both, sending each market to multi-month highs. However, the bullish lift from acres is at least partially offset by the March 1 Grain Stocks report, which showed corn stocks well above all trade expectations and up 3.1% from a year earlier. March 1 soybean stocks were also bearish, up 21.2% from a year earlier and well above the average analyst estimate. Combined with a continued weak export sales pace, this suggests the 2017-18 U.S. soybean carryout may top 600 million bushels. Wheat futures were down on the week and USDA's planting intentions were particularly bearish for Minneapolis spring wheat. Weather looks to be a supportive market factor, as the first 10 days of April show continued cold, wet weather that signals a sluggish start to Midwest planting.

In the livestock complex, live cattle futures retreated amid ample supplies and demand concerns. Both live and feeder cattle fell sharply on Thursday in the wake of corn's surge, posting bearish outside days lower. Lean hogs were up in the week amid choppy trade as traders awaited Thursday's quarterly Hog and Pigs report, and that report turned out bearish. USDA pegged the total March 1 U.S. hog herd at 103.1% of a year earlier, in line with trade estimates. The March 1 breeding herd came in at 101.7% of a year earlier, slightly above the average estimate. The supply of market hogs weighing over 180 lbs was larger than expected.

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