In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0200	3.6700	3.5525
Soybeans	+0.0050	8.4400	9.6875
Wheat	-0.3425	5.1125	4.3725
Cattle	+1.17	109.95	106.225
Hogs	+5.23	55.65	61.45
Cotton	-0.23	81.99	74.27
Milk	-0.19	16.52	16.16
Crude Oil	-1.97	67.83	49.09

Wheat futures tumbled to their lowest levels since July, retreating on continued poor export demand as well as recent rains across the southern Plains that have boosted the outlook for the next winter wheat crop. Otherwise, trade in the grains complex was pretty dull, with growing caution as the holiday shortened week progressed while traders turned their attention to the Sept. 12 USDA crop report. The corn market traded a very narrow range of 8 3/4 cents in the December contract, with almost all of that range being established the day after Labor Day. The soybean market was firm to start the week but spent the rest of the week drifting lower. USDA is expected to lower its corn yield estimate slightly in the Sept. 12 report while raising the soybean yield. Early corn yield reports have been variable, and while a very large soybean crop is still expected, some of the optimism for bean production has been dampened by excessive rains that fell across much of the Midwest to start the month. The lack of any progress in U.S.-China trade relations remains a negative factor. Cotton futures remained rangebound during the week.

In the livestock complex, lean hog futures surged on climbing cash hog prices that reinforced the prospect of a bottom. October futures in particular surged late in the week. Other contracts made multi-month highs, with support from the widening outbreak of African swine fever in China. Demand for hogs is bolstered by very strong packer margins and impending increases in slaughter capacity. Live cattle futures were up for the second week in a row on strong packer margins and beef exports, along with expectations for tightening supplies of market-ready cattle. Census data showed that July beef export volume was up 11.6% from a year earlier.

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