In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1425	3.6900	3.9100
Soybeans	+0.3050	8.6475	10.1325
Wheat	+0.1900	5.1600	5.0575
Cattle	+4.38	108.93	115.875
Hogs	-3.70	66.45	81.10
Cotton	-0.76	87.08	69.55
Milk	-0.20	14.64	15.51
Crude Oil	-0.55	70.46	46.79

Grain and soybean futures rallied on optimism about demand and technical buying, with some buyers stepping in on the idea markets are making a bottom. Corn was fueled by short-covering and lower production in other parts of the world. Crop reductions in South America and Ukraine have fed optimism about corn export demand, and reports of a possible trade deal between the U.S. and Mexico are also lending some support. However the U.S. crop outlook remains very strong. A mild, favorable weather outlook into at least early August hangs over corn and soybeans, although soybeans also rallied on the week amid short-covering. Wheat futures rallied to multi-week highs on declining crop estimates across Europe. Cotton futures were soft amid lackluster export demand. The U.S-China trade dispute remains a negative factor over several markets, including soybeans and cotton, and there was no sign of any progress in the past week. However, reduced export demand because of the trade dispute appears to be priced in at this point. Crude oil was pressured by record-high U.S. production.

In the livestock complex, live cattle futures surged on technical buying and firm wholesale beef prices, although the market trimmed gains Friday as traders awaited the monthly Cattle on Feed and semi-annual Cattle Inventory reports. The Cattle on Feed report was neutral for the market. Total feedlot inventories were up 4.3%, to the highest level for the month since at least 1996. Overall the report was in line with expectations. Cash cattle trade late Friday took place at $114 in the southern Plains, up $3 from last week. Lean hog futures came under renewed pressure, hitting contract lows on cash market weakness and demand concerns. Cash hog markets are deep in the midst of a normal seasonal decline as hog supplies rise and pork demand softens.

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