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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0875	3.6425	3.9350
Soybeans	-0.1575	8.9575	10.6400
Wheat	-0.1775	4.3950	4.9925
Cattle	+0.13	129.68	121.775
Hogs	+4.15	60.55	68.08
Cotton	-0.36	73.49	85.12
Milk	-0.33	14.80	14.10
Crude Oil	+0.27	56.07	60.12

Grain and soybean futures stumbled, retreating on ample world supplies, a lack of progress in U.S.-China trade talks and technical selling. Leading the way lower was wheat, which fell to fresh contract lows in all three classes. Supplies are comfortable, the winter wheat outlook across the northern hemisphere is generally favorable, and with the exception of questions about planting spring wheat in the northern Plains, there are no significant crop concerns. Soybeans fell as traders were disappointed in the lack of export activity despite a February announcement that China was planning to buy 10 million metric tons of soybeans from the U.S. Friday's USDA report was neutral-to-negative for the grain and oilseeds complex. The most notable change from last month was with corn, as USDA hiked its 2018-19 U.S. corn ending stocks outlook to 1.835 billion bushels, up 100 million from the prior month. The increase was due to a cut to projected exports as well as weaker ethanol demand. USDA's corn-use-for-ethanol projection could still be cut further. One supportive factor for the complex was the excessive moisture and cold weather across most of the central U.S., which threatens to delay planting. But it is still too early for much concern about that in the Midwest.

In the livestock complex, lean hog futures rallied with support from strengthening wholesale pork values and expectations for seasonal gains in cash hog prices. April futures exploded to a three-week high on Friday. Live cattle futures meanwhile were limited early in the week by profit-taking, but most contracts surged late, ahead of Friday's Cattle on Feed report. August futures made a new contract high. The Cattle on Feed report showed feedlot inventories were 100% of a year ago, right near the average trade estimate of 100.2%. Placements of 95% at a year ago were above the average trade estimate of 93.5%.

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