In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0800	3.8425	3.6350
Soybeans	+0.1700	9.0225	9.5050
Wheat	+0.2575	5.5625	4.5775
Cattle	+1.53	112.00	115.225
Hogs	-0.10	50.78	81.98
Cotton	-0.22	88.12	71.55
Milk	-0.14	14.88	16.42
Crude Oil	-0.16	68.53	49.03

Corn futures were higher on the week, underpinned by uncertainty about U.S. yields, solid demand and strength in the wheat market. Soybeans were up on the week due mainly to an early-week rally, driven in part by reports that the U.S. and China may be looking to re-open trade negotiations. Those reports proved to be unfounded however, and by the end of the week it appeared that both the U.S. and China were entrenched in their positions. Concern about heat and dryness in August was another supportive factor for beans. Wheat futures surged on technical momentum and growing worries about global supplies in the face of drought across Europe. The harvest in western and northern Europe is revealing poor yields. The market spiked at mid-week on a report that Ukraine was restricting its wheat exports, and while that report proved to be at least partially untrue, the reaction showed how sensitive the market is right now to supply disruptions. Dryness in the northern U.S. Plains is also a supportive factor. Cotton futures were down slightly on the week. Crude oil also was slightly lower and made a seven-week low, but remains in a sideways trading pattern.

In the livestock complex, live cattle futures rallied late in the week and ended higher on stronger-than-expected Plains cash trade. The trade was expecting lower cash trade throughout the week, but it finally emerged on Friday at mostly $114, up $2 from the prior week. Firm wholesale beef prices throughout the week underpinned futures. Still, historically large supplies of market-ready cattle limit the upside. Lean hog futures were under pressure most of the week from continued weakness in cash hog and wholesale pork values, as supplies continue to overwhelm seasonally weak demand. Concern about the U.S.-China trade situation also weighed on the market.

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