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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0525	3.7050	3.5700
Soybeans	-0.1125	8.8100	9.9725
Wheat	-0.0800	5.0725	4.4075
Cattle	+1.20	120.93	125.475
Hogs	+1.08	67.83	69.10
Cotton	-1.07	77.22	71.14
Milk	-0.52	14.32	15.42
Crude Oil	-6.26	50.42	58.02

Grain and oilseed futures were mostly lower on the week, pressured by ample U.S. supplies, favorable South American weather and outside market pressure. Corn futures ended the week posting their lowest close in nearly two months, and were down for the third week in a row. Soybeans slid as the holiday-shortened trading week came and went without optimistic news about U.S.-China trade. Soybean export sales for 2018-19 through mid-November were down 32% from a year earlier, and while sales have started to pick up, prospects for U.S. exports to reach USDA's export forecast appear squarely depended on a resolution to the U.S.-China trade conflict. Leaders of the two counties are expected to meet during the G20 summit in Argentina Nov. 30-Dec. 1. Even if there is a resolution to the trade war coming out of that meeting, U.S. soybean export sale prospects for this year will likely be limited by large South American production, as early-season weather has been favorable. Wheat futures were pressured by improving conditions in the southern Plains. The cotton market fell on pressure from a firm U.S. dollar and tumbling crude oil prices. Crude fell to its lowest level in more than a year on increasing U.S. production and growing concerns about the global economy, which also helped sent equities sharply lower.

In the livestock complex, lean hog futures made new contract highs amid ongoing concerns about the African swine fever virus in China. News that African swine fever has been detected in Beijing added to concerns about the virus. China has now officially reported 73 cases of ASF in 20 different provinces. Live cattle futures were also higher, as cash trade was up $2-3 from the prior week. The complex had some late-week support from concerns about a weekend blizzard that had the potential to stress livestock and slow transportation.

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