In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1650	3.6125	3.7950
Soybeans	-0.6375	9.0550	9.3475
Wheat	-0.2050	4.9950	4.5375
Cattle	-1.00	104.78	122.50
Hogs	+1.00	81.73	82.05
Cotton	-4.22	90.72	71.91
Milk	-0.62	15.42	16.34
Crude Oil	-0.72	65.02	44.46

Grain and soybean futures tumbled as the trade spat between the U.S. and China was reignited and Midwest growers continued to have mostly favorable weather. Soybeans led the way lower, falling hard amid news that the U.S. was moving forward with $50 billion in tariffs on Chinese products, to take effect in early July. China responded almost immediately, and slapped tariffs on a number of U.S. ag products. U.S. soybean producers could be the biggest losers with the tariffs, although China will not be able to stop buying significant amounts of U.S. soybeans. Trade relations with Canada and Mexico have also soured, casting a negative tone on other ag markets. Corn faced additional pressure from rains across the Corn Belt. Wheat futures fell, with Chicago and Kansas City succumbing to harvest pressure and lackluster export prospects. USDA's monthly Supply and Demand report did not have a dramatic impact on the grains complex, and the trade will now look ahead to the June 29 acreage and quarterly stocks reports. Cotton futures tumbled on the China tariff news, which dampens optimism about Chinese cotton imports, and on badly needed rain that fell in Texas growing areas.

In the livestock complex, live cattle ended lower after a choppy week that included a sharp drop on Monday and a big gain on Friday. Plains cash cattle trade was disappointing, with light trade at $110, down $5 from the prior week, despite very large packer margins. Wholesale beef prices have shown some seasonal weakness. Lean hog futures surged early in the week on continued strength in cash markets, but came under pressure late in the week on the various U.S. trade disputes, particularly with China and Mexico. Along with strong pork demand and seasonally lower hog runs, lower hog weights are supporting the market.

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