In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-.1250	3.7175	3.5725
Soybeans	-.4050	8.6175	9.3075
Wheat	-0.0950	5.4675	4.4050
Cattle	-2.75	109.25	108.85
Hogs	0.40	54.80	84.45
Cotton	-2.89	85.23	69.26
Milk	0.45	16.13	16.39
Crude Oil	-0.86	67.63	48.59

Corn and soybean futures spent most of last week chopping up and down as traders evened positions ahead of key USDA Crop Production and Supply/Demand reports. Both markets then were slammed on Friday after USDA forecast 2018 U.S. production of both corn and soybean at the high end of expectations. USDA's soybean crop estimate was record high at 4.586 billion bushels and it pegged the U.S. soybean carryout for 2018/19 at a record 785 million bushels, up from 435 million last year. Corn futures losses were limited by strong demand estimates from USDA. Benign Midwest weather forecasts for the next two weeks may spur talk of even higher production.

Wheat futures challenged their recent price highs early in the week on further worries about European production and tightening world stocks. However, the wheat market also sold off hard on Friday after USDA failed to cut its forecasts for 2018/19 world wheat ending stocks and U.S. spring wheat production as much as traders had anticipated. Slow U.S wheat export sales also remained a bearish market factor. Cotton futures. Cotton futures sold off as well on Friday in response to higher-than-expected USDA forecasts for U.S. production and ending stocks.

Livestock futures had a mixed week with live cattle futures selling off under pressure from technically-driven speculative profit taking and lower cash trade in U.S. Plains direct markets amid ample market-ready cattle supplies. Losses were limited by chart support and continued indications of strong beef demand. Lean hog futures sold off the first three days of the week with the August through February contracts hitting new lows under pressure from heavy seasonal pressure on cash hog and wholesale pork prices. Concerns about export demand due to Chinese and Mexican tariffs on U.S. pork remained a bearish market factor. However, lean hog futures reversed sharply to the upside on Thursday, signaling a possible futures market bottom.
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