In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0975	3.9650	3.6050
Soybeans	-0.3350	10.0325	9.5600
Wheat	-0.2750	4.9875	4.2600
Cattle	+1.58	107.63	123.925
Hogs	+1.57	75.10	71.53
Cotton	-2.28	84.62	79.18
Milk	+0.32	15.88	15.61
Crude Oil	+0.83	70.55	47.83

Grain and soybean futures tumbled late in the week, falling despite a monthly USDA report that looked supportive for corn and soybeans. USDA projected that U.S. corn carryout in 2018-19 would dip to 1.682 billion bushels, down from 2.182 billion in the current year, and the lowest carryout in six years. Projected world corn carryout was much lower than expected. Meanwhile USDA's soybean estimates were friendly across the board, and new crop carryout of 415 million bushels was below the average analyst estimate of 535 million. USDA sees a big rebound in soybean exports in 2018-19. Concern about U.S.-China trade relations helped to pressure soybeans, although that concern eased again over the weekend amid conciliatory statements from the U.S. that fueled hope that a tariff on soybeans could be avoided. U.S. planting progress was rapid in the first part of May. It has since slowed down as a wet weather pattern has arrived in the Midwest, but overall the outlook for corn and soybean production in the heart of the Corn Belt is favorable. Wheat futures also fell during the week. Cotton futures surged to new contract highs to start the week, but spent the next few days in retreat.

In the livestock complex, live cattle trade remained very choppy, as futures were supported from their large discount to cash and firm wholesale beef prices. Packer margins are robust. Beef demand appears to be slowing, however. The upside in futures was limited by fears the cash market could soon drop sharply on increasing market-ready supplies. Feeder cattle futures lost ground early in the week, but stabilized on signs the corn market could be topping. Lean hog futures were up on the week, but gave back much of their gains on Friday. Wholesale pork and cash hog values remained firm.

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