In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0725	3.7775	3.5575
Soybeans	+0.1375	8.9475	9.8575
Wheat	+0.0850	5.1575	4.3300
Cattle	-0.42	120.50	124.975
Hogs	-0.28	67.55	69.78
Cotton	+1.69	78.91	72.81
Milk	-0.33	13.99	15.37
Crude Oil	+0.25	50.67	57.40

Grain and soybean futures were higher in the week, climbing amid short-covering and positioning ahead of the weekend's G20 summit in Argentina and subsequent trade meeting between U.S. and Chinese leaders. That meeting went pretty much as expected, with the two sides agreeing to a “ceasefire” with no new tariffs for 90 days while they negotiate further. While providing a short-term market boost, the “agreement” appears to leave the status quo in place, including Chinese tariffs on a range of U.S. products including soybeans and cotton. Technically, it was a strong week for corn and soybeans, as both posted bullish outside weeks higher. The gains in corn came amid heavy volume. Corn was also supported by a rebound in export demand. The upside in the grains complex was limited by abundant U.S. supplies and continued favorable weather in South America. Wheat futures also gained, amid optimism about U.S. export demand. Crude oil futures stabilized after falling to another 13-month low, but prospects for a rally remain cloudy due to increasing U.S. production and some growing concerns about world economic growth.

In the livestock complex, lean hog futures remained on a roller coaster ride amid conflicting fundamental influences. Seasonal weakness in cash hog and wholesale pork values weighed, but the market got a big boost from China's worsening problems with African swine fever. The growing problem is feeding expectations that China will need to increase purchases of U.S. pork regardless of the fate of U.S.-China trade negotiations. Live cattle were choppy throughout the week, hitting multi-week highs but failing to attract any follow-through as traders awaited more substantial Plains cash market trade. Trade did occur late in the week at higher prices. Winter weather remains a market wildcard. The feeder cattle market is struggling as demand for replacement cattle has slowed.

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