In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0675	3.7125	3.5975
Soybeans	-0.3625	8.8000	9.1550
Wheat	-0.0300	5.0125	4.8025
Cattle	+0.82	106.73	120.2
Hogs	+1.08	76.45	89.48
Cotton	-1.38	83.92	74.00
Milk	-0.05	14.61	15.70
Crude Oil	+5.73	74.31	44.93

Grain and oilseed futures were mostly lower on the week, with soybeans leading the way down on continued concern about U.S.-China trade relations and a favorable crop outlook. Soybeans made a new low for the move on Friday, but the reaction to Friday's USDA acreage and June 1 stocks reports were remarkably tame. The reports were a little bearish for corn and slightly supportive for soybeans. The markets have quickly returned their focus to U.S. weather and Midwest crop potential. While periods of hot and dry weather across the Midwest, along with torrential rains in Iowa, have raised some concern about corn and soybean crops, overall the outlook is good, with most areas having enough soil moisture to withstand a bout of heat and dryness. Wheat futures were down slightly on the week. The USDA acreage report was bearish for spring wheat in particular, as it showed an increase of 600,000 acres while most traders were expecting a decline. Strong crop ratings for corn, soybeans and spring wheat also hang over the grains complex. Cotton futures were down on the week on the trade concerns, soft recent export demand and recent rains in Texas. Crude oil soared to a new 3 ½-year high.

In outside markets, live cattle futures were pressured early in the week by the June 22 Cattle on Feed report and early cash market weakness, but they stabilized after finding chart support and climbed amid rebounding Plains cash prices. Large market-ready supplies of cattle, and seasonally weaker beef demand hang over the market however. Lean hog futures climbed on forecasts for hot July weather and futures' discount to the CME cash hog index. The CME index dropped at mid-week for the first time since mid-March, after rallying $33 the prior 10 weeks. The cash market now appears to have topped.

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