In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.2200	4.3150	3.6600
Soybeans	-0.0450	9.2300	8.8350
Wheat	-0.0350	5.2725	4.8350
Cattle	+2.13	104.35	103.725
Hogs	-1.90	76.00	75.73
Cotton	+0.52	66.08	83.55
Milk	+0.19	17.27	14.34
Crude Oil	+0.54	57.97	73.45

Grain and soybean futures were down on the week, with significant losses on Friday on USDA's June acreage report. That report on Friday sent corn futures tumbling, as it estimated corn plantings at 91.7 million, nearly 5 million acres higher than the average analyst estimate ahead of the report. While the estimate must be taken with a grain of salt due to the timing of the survey, it was still a source of pressure. Meanwhile the acreage report for soybeans was stunningly low at 80.0 million, nearly 5 million below the average analyst estimate. However it will be months before the trade has a strong sense of actual acreage, and USDA said it will re-survey the Corn Belt for acres ahead of its August Supply and Demand report. USDA also issued its quarterly Grain Stocks report, which was mildly friendly for corn and soybeans. Going forward, the market could face continued pressure from an improving weather outlook, as temperatures have warmed up, boosting development of a crop that was planted historically late. The wildcard for the ag complex remains U.S.-China trade, or lack thereof.

In the livestock complex, lean hog futures were lower, stumbling early in the week amid large supplies. This market has now erased all of the premium built in earlier in the year over the African swine fever crisis in China. Traders spent much of the week awaiting Thursday's quarterly Hogs and Pigs report, which held mixed news for the market. The report showed the June 1 hog herd toward the high end of trade expectations, but showed lower-than-expected summer and fall farrowing intentions. Live cattle futures were firm amid technical buying after the market held at their late May price lows early in the week. The rally ran out of steam late in the week due to a lack of Plains cash trade.

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