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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0550	3.5725	3.5025
Soybeans	+0.1675	8.4725	9.7075
Wheat	+0.1025	5.2175	4.5250
Cattle	-0.72	113.08	110.10
Hogs	+4.07	60.30	57.33
Cotton	-2.70	79.13	68.25
Milk	-0.21	16.05	16.02
Crude Oil	+2.06	70.83	50.55

Corn futures fell to new contract lows early in the week on pressure from increasing harvest activity, reports of strong yields and some demand concerns. However the market rebounded on Thursday and showed good follow-through on Friday, with strong export demand helping to underpin prices along with heavy rains in parts of the western Corn Belt. Those rains also helped to drive soybeans, which also rebounded from early-week contract lows. Rumors of indirect soybean sales to China, via South America, helped to drive the market late in the week, along with strong sales to Europe. However, the soybean export picture remains uncertain due to the U.S.-China trade war. The U.S. last week moved ahead with fresh $200 billion in tariffs against China, which responded by cancelling planned trade talks this week and slapping $60 billion in retaliatory tariffs on the U.S. Wheat futures were firm amid short-covering and ongoing questions about Russian export potential. Gains were limited by favorable conditions for hard red winter wheat due to ample recent rainfall in the southern Plains. Cotton and rice futures both tumbled amid technical selling and strong yield reports in parts of the South.

In the livestock complex, lean hog futures extended their rally, with nearby October hitting a three-month high as cash hog markets continued to charge higher. Most deferred contracts were steady on the week. Expanding U.S. slaughter capacity, strong packer margins and growing concerns about African swine fever remain supportive market factors. Live cattle futures spent much of the week consolidating ahead of Friday's Cattle on Feed report, which ended up being negative. USDA pegged the Sept. 1 feedlot inventory at 105.9% of a year earlier versus trade expectations that averaged 105.4%. Placements were also higher than expected. Plains cash trade late Friday was steady with a week earlier.

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