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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0775	4.0625	3.5800
Soybeans	-0.1950	10.3675	9.6525
Wheat	+0.2775	5.2625	4.2600
Cattle	-0.95	106.05	131.30
Hogs	+0.90	73.53	69.00
Cotton	+2.39	86.90	80.83
Milk	+0.04	15.11	15.48
Crude Oil	+1.66	69.76	45.52

Wheat futures were the big mover in the grains complex, surging to new 10-month highs in Kansas City and Chicago on concerns about the hard red winter wheat crop and drought in the southwest Plains. An annual crop tour in Kansas found crops that were late and stressed by drought, and projected the smallest Kansas wheat crop since 1989. Corn was also up on the week, underpinned by wheat and technical strength, along with uncertainty over U.S. plantings and crop issues in South America. Crude oil's surge to a new 3 1/2-year high was also friendly for corn. Soybean futures moved in the other direction, tumbling on Friday in particular to conclude a week of choppy trade. Soybean traders were whipped around at mid-week by a report indicating a major breakthrough in U.S.-China trade negotiations that proved to be false. Favorable planting weather and anecdotal reports of increased early soybean plantings also weighed on the market. Cotton futures soared on continued strong export demand, mill fixations and U.S. drought. Key cotton areas of West Texas mostly missed out on recent rains, heightening the drought concern as planting season arrives. Cotton and other ag commodities gained despite a surge in the U.S. dollar index.

In the livestock complex, after some early strength, live cattle futures chopped around for much of the week, unable to carve out new highs despite stronger-than-expected Plains cash trade. Cash traded at $125-26 in the southern Plains, up $2-3 from last week amid strong packer operating margins as feedlots held out for higher prices despite an already strong cash basis. However this market remains vulnerable due to increasing supplies. Feeder cattle futures came under strong pressure early in the week on strength in the corn market. Lean hog futures were soft early in the week before stabilizing thanks to firm cash hog and wholesale pork values.

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