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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0350	3.7125	3.5050
Soybeans	+0.3000	8.8775	9.9925
Wheat	+0.0350	5.0875	4.2600
Cattle	-1.33	117.08	124.325
Hogs	+0.20	58.13	65.80
Cotton	+0.26	78.79	69.08
Milk	-0.30	14.78	16.56
Crude Oil	-4.74	62.85	54.54

Soybean futures sprang to life on Thursday, rallying on hopes that the U.S. and China may be moving toward an end to their trade war. Those hopes were sparked by a tweet from President Trump talking of a “long and very good” phone conversation with Chinese president Xi Jinping. Both leaders have raised the prospect of talks later in November at the G20 summit in Argentina. However, in the near-term a lack of Chinese buying of U.S. soybeans remains a major problem, and with South American planting off to a smooth start, the Chinese may not have to wait too long before more Brazilian supplies become available. Corn and wheat are not as directly affected by the trade war, and both markets managed only modest weekly gains despite the surge in soybeans. Traders await Tuesday's U.S. mid-term elections, and beyond that Thursday's USDA Supply and Demand report. Cotton futures also got a boost late in the week from the optimism about China, but poor near-term export demand remains a negative factor. Crude oil futures tumbled on continued strong production and indications that the U.S. and other countries would make up for the loss of Iranian supplies stemming from sanctions, which went into effect this week.

In the livestock complex, both live cattle and lean hog futures were characterized by choppy trade. Live cattle started the week poorly and spent the rest of the week chopping sideways as traders awaited activity in Plains cash markets. On the positive side, beef packer margins are very strong, and beef demand, fueled in part by exports, remains impressive. Lean hog futures were weaker in nearby months while deferred contracts were firm. Optimism about U.S.-China trade boosted the market late in the week, as did ongoing concerns about African swine fever. Bear-spreading in futures during the week was not a positive sign.

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