In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1375	3.7775	3.8575
Soybeans	-0.5200	9.6925	9.3800
Wheat	-0.0325	5.2000	4.4925
Cattle	+2.15	105.78	131.375
Hogs	+1.93	80.73	82.03
Cotton	+1.64	94.94	76.55
Milk	-0.02	15.47	16.28
Crude Oil	-0.07	65.74	45.64

Favorable weather conditions across most of the Midwest weighed on corn and soybean prices. Soybeans led the way lower, tumbling to multi-month lows. Corn futures also made multi-month lows as the Corn Belt saw healthy rains and forecasts showed no major hot and dry spell. While expected above-average temperatures this month are limiting the market's downside somewhat, there is enough rain to prevent significant crop stress, and each passing day without a major threat in the forecast boosts the chance of a strong corn yield. Concern about U.S. trade policy is also a negative market factor, as the U.S. relationship with Canada, Mexico and other trade partners has deteriorated recently. Wheat futures were down slightly on the week amid choppy trade, with prices underpinned by concern over crops in Europe. Cotton futures soared to a new contract high in the December on speculative buying, driven by the drought in West Texas and bullishness on Chinese cotton demand over the next couple of years. Rice futures tumbled to a new contract low in the July contract, and a 12-month low on a front-month basis, amid favorable crop prospects in the U.S. and Asia. Crude oil was nearly unchanged on the week.

In the livestock complex, live cattle futures gained amid expectations for strong Plains cash trade and technically driven buying. Cash trade did emerge Friday at $115 in Nebraska and the southern Plains, up $4-$5 from the prior week. Huge packer margins and relatively firm wholesale beef prices caused feedlots to be tight holders of cattle. June live cattle hit a 2 ½-month high on Friday. Lean hog futures were up on the week on continued strength in the cash market and record monthly pork exports. Gains were limited by news or Mexico's tariffs on U.S. pork products.

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