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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0500	3.6475	3.4150
Soybeans	+0.0550	8.9225	9.8500
Wheat	+0.0475	5.0675	4.2900
Cattle	+0.77	115.35	122.47
Hogs	+4.28	60.08	63.17
Cotton	-1.97	76.12	68.29
Milk	+0.33	14.80	15.76
Crude Oil	-3.32	57.04	57.17

Not a whole lot of excitement in the grain and oilseeds complex, as markets chopped back and forth without much direction. The markets, particularly soybeans and cotton, are sensitive to U.S.-China trade news, and an apparently harsh stance late in the week from the U.S. weighed on prices. Corn futures were pressured by expectations of larger corn acreage for next year, and posted their lowest close in 12 sessions on Friday. Conversely U.S. soybean acreage is expected to be down significantly in 2019, and January soybeans posted their highest weekly close in three months. Favorable South American weather, particularly in Brazil, remains a negative market factor. But soybean bulls are encouraged by the market's resilience in the face of negative trade news, the strong start to the Brazilian crop season, and abundant domestic supplies. Cotton futures stumbled on weak export sales and falling crude oil prices. The crude oil market extended its slide on strong U.S. production. Natural gas futures provided traders a severe case of whiplash, soaring by nearly 20% on Wednesday on cold U.S. weather forecasts and tight supplies. That was the biggest one-day gain in 14 years, but was followed the next day by the biggest one-day loss in 15 years.

In the livestock complex, lean hog futures came roaring back after recent losses with help from African swine fever. China late in the week announced that the virus was found for the first time in Sichuan, its top hog-producing province, and that it also had been discovered in a wild boar for the first time. The reports reinforce concerns that China does not have control of the situation and that it will get worse before it gets better. Hog futures rallied despite softer cash hog and wholesale pork values. Live cattle futures posted modest gains as traders awaited activity in cash markets. Seasonal weakness in wholesale beef prices limited futures' gains.

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