In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.2100	4.0425	4.0250
Soybeans	+0.0800	8.2975	10.3575
Wheat	+0.2450	4.8950	5.1825
Cattle	-0.97	107.95	101.775
Hogs	-5.05	87.95	76.78
Cotton	+2.40	68.39	87.46
Milk	-0.14	16.31	15.76
Crude Oil	-4.29	58.63	65.46

Grain and soybean futures surged as unrelenting rains across the Midwest are posing a greater threat to U.S. production. Corn rallied to multi-month highs as rains fell across the region. Corn planting progress is historically slow in several states across the Corn Belt. Parts of the western Corn Belt, including Iowa, Missouri and into Kansas have been hit particularly hard by rains in recent days. Flooding is widespread along the Arkansas, Mississippi and Illinois rivers, and weather forecasts show the wet pattern continuing into the second week of June. The heavy rains are also feeding concerns about U.S. soft red and hard red winter wheat quality. Cotton futures were up on the week on support from a retreat in the dollar index and U.S. crop concerns in the Delta as well as in Georgia, where drought is a growing concern. Amid considerable uncertainty about U.S. planted acres of various crops, the Trump Administration released some details about its $16 billion trade aid package. Payments will be based on damage at the county-level, and only growers who plant this year will be eligible, which throws another wrinkle into planting dynamics.

In the livestock complex, lean hog futures fell sharply, settling limit-down in nearby months on Friday amid negative cash fundamentals. Weak packer margins and a holiday-shortened slaughter schedule weighed on cash markets during the week. Live cattle futures were down slightly, pressured by expectations for a bearish Cattle on Feed report as well as weaker Plains cash cattle trade. The increase in feedlot placements was not quite as large as expected. USDA reported placements at 108.7% of a year ago, versus the average analyst estimate of 113.0% in a Reuters poll. Total feedlot inventories came in at 102.2% of a year ago, compared to the average estimate of 102.9%.

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