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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1150	3.7300	3.8625
Soybeans	-0.1225	9.1150	10.6800
Wheat	-0.3450	4.5725	5.1550
Cattle	+0.68	129.55	123.325
Hogs	+0.95	56.40	66.98
Cotton	+0.84	73.85	81.81
Milk	+0.32	15.12	14.00
Crude Oil	-1.49	55.77	60.99

The grains complex retreated amid a lack of favorable trade news with China and technical selling. Corn posted its lowest weekly close since November, and soybeans also made multi-week lows on a weekly basis. While both corn bounced back Friday for a higher close and soybeans pulled back from the brink of collapse, the technical outlook does not look favorable, as both markets posted bearish outside weeks lower on the charts. Favorable South American weather weighed on both markets. Wheat futures fell sharply, tumbling to new contract lows with pressure from ample world supplies, lackluster demand even with lower prices, and a lack of crop threats in the U.S. or elsewhere. While there was optimism on trade early in the week after USDA Secretary Sonny Perdue said China had agreed to buy 10 million metric tons of soybeans, those purchases were not confirmed, and as the week wore on traders realized that any agreement with China is still likely weeks away. Cotton futures were higher, supported by confirmation that any deal with China would include cotton purchases, as well as cold, wet weather across the South that is threatening to slow planting.

In the livestock complex, live cattle futures spent the week edging higher on expectations for higher Plains cash cattle trade. Those expectations were fed by ideas that packers were short-bought on slaughter needs, along with firm wholesale beef prices. Trade did emerge late Friday at $128 in the Plains, up $2 from the prior week. April futures made a new contract high on Friday. Lean hog futures chopped around in relatively narrow ranges amid further weakness in cash hog prices and uncertainty about a U.S.-China trade deal. Packers seem to have little trouble meeting slaughter needs, and bad weather disrupted hog movement and slaughter operations, likely backing up more marketings.

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