In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0075	3.8475	3.4850
Soybeans	-0.1625	9.0050	9.6775
Wheat	-0.0125	5.3000	4.1825
Cattle	+0.88	122.40	119.15
Hogs	-3.38	64.50	67.63
Cotton	-0.63	79.60	75.33
Milk	+0.22	14.20	14.70
Crude Oil	-1.45	51.16	57.04

Grain and soybean futures were mostly lower, despite China's re-emergence as a buyer of U.S. soybeans. USDA reported sales of nearly 1.5 MMT of soybeans to China during the week, affirming that China is indeed going to start purchasing U.S. ag goods in the wake of its recent trade war "ceasefire" with the U.S. In addition, reports indicated that China is also looking to buy U.S. corn in January. The market however treated the soybean purchases in particular as a "buy the rumor, sell the fact" situation. Regardless of Chinese buying, U.S. soybean exports are well behind year-ago levels, and will likely stay that way through the marketing year. Still, the buying is a step in the right direction for U.S.-China trade relations. Traders continue to monitor South American weather, which has been mostly favorable throughout the season but has started to turn a little threatening in southern Brazil as dryness increases. Cotton futures retreated, pressured by poor export demand and falling crude oil prices. While there is Chinese buying of soybeans and possibly corn, there's no indication yet that China will do the same for cotton.

In the livestock complex, lean hog futures struggled amid renewed weakness in the cash market, expectations for slower packer demand through the holidays and uncertainty about trade with China. Deferred contracts were underpinned by demand hopes, particularly expectations for stronger exports in 2019 as China struggles to control African swine fever. USDA raised its forecast for 2019 pork exports by 4%, citing strong world demand overall. Live cattle futures were firm, supported by technical buying and firm cash markets. February live cattle futures made a six-week-high, and April futures made a new contract high. The upside could be limited by concerns about global economic growth and declines in the stock market.

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