In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0600	4.0250	3.6600
Soybeans	-0.0475	9.9850	9.4475
Wheat	+0.1950	5.1825	4.2575
Cattle	-5.23	102.40	122.925
Hogs	-0.40	74.70	79.15
Cotton	+1.93	86.55	79.24
Milk	-0.21	15.65	15.61
Crude Oil	+0.61	71.31	49.35

Grain and soybean futures were mixed on the week, as trade talks with China made for volatile markets. Corn posted its lowest close in three weeks on Thursday yet ended up 6 cents on the week and near the week's high. Corn was underpinned Friday by a strong rally in wheat futures, which gained on short-covering, pessimism about the U.S. hard red winter crop and uncertainty about Black Sea region crop potential. The grain and soybean complex was also propped up Friday by news that China had dropped an anti-dumping investigation and penalty that had effectively halted U.S. exports of sorghum. That positive trade news was followed by more positive news over the weekend, indicating that both sides are backing away from a trade war. Soybeans were still down on the week. The upside for corn and soybeans is limited by solid planting progress in the Midwest and a forecast that includes ample but not excessive rain. In the cotton market, futures soared late in the week, pushing December futures to a new contract high on concern about West Texas production and strong export demand. Cotton and other commodities, including crude oil, rallied despite a surging U.S. dollar.

In the livestock complex, live cattle futures tumbled at the start of the week as traders anticipated a collapse in Plains cash prices. That's exactly what happened, as prices fell anywhere from $6 to $9 in the Plains. The market did stabilize last in the week. Fundamentally, a flood of market-ready supplies have pressured the market. Further downside could be limited, however, by phenomenal packer margins that topped $200 per head by the end of the week. Lean hog futures were mixed on the week, rebounding from early weakness on continued seasonal strength in cash hog and wholesale pork values.

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