In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0625	3.7850	3.5125
Soybeans	-0.1575	8.8475	9.4875
Wheat	-0.1600	5.1400	4.2700
Cattle	0.30	122.70	119.675
Hogs	-3.38	61.13	68.58
Cotton	-6.42	73.18	77.94
Milk	0.04	13.84	13.97
Crude Oil	-5.88	45.59	58.36

Grain and soybean futures sold off last week as fears of an economic recession mounted amid plunging U.S. stock markets following the Federal Reserve's interest rate hike and guidance that it still plans two additional rate hikes in 2019. Soybean futures were also pressured fundamentally by disappointment with the level of Chinese purchases of U.S. soybeans so far, while corn futures were pressured by ethanol industry struggles and prospects for lower-than-expected corn-for-ethanol use. Fundamentally, forecasts for needed rains in Brazil's southwest growing areas were a negative factor for corn and soybean futures. Wheat futures were pressured by indications Russia will not cap wheat exports and a higher export forecast from Russia's Ag Ministry. An absence of crop issues in winter wheat areas also weighed on wheat prices.

Livestock futures had a mixed week, with lean hog futures coming under pressure from continued seasonal weakness in cash hog prices, continued expansion of the U.S. hog herd and worries about a recession. A smaller-than-expected Dec. 1 U.S. hog herd reported by USDA provided limited price support. Live cattle futures held firm in the face of recession fears and stock market losses as Plains cash markets held steady despite holiday-reduced slaughter schedules. Forecasts for a winter storm to move into the U.S. Plains after Christmas were a supportive factor.
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