In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1300	3.6775	3.6100
Soybeans	-0.2325	8.5650	8.5400
Wheat	+0.0025	4.7775	5.4175
Cattle	+1.35	99.40	108.73
Hogs	-2.70	59.30	51.18
Cotton	-1.92	58.21	81.49
Milk	-0.66	17.19	16.05
Crude Oil	-0.79	54.02	67.83

Grain and oilseed futures were mostly lower on the week, pressured by a bleak outlook for U.S.-China trade and benign Midwest weather. Corn posted its lowest weekly close since May. Continued problems in the ethanol industry, including more plant closures, weigh on the demand outlook. Soybeans fell amid concern over exports and trade. The situation between the U.S. and China continued to deteriorate, with China slapping tariffs on U.S. ag products in particularly and President Trump calling for U.S. companies in China to leave that country. The annual Pro Farmer Crop Tour did not yield major surprises, finding corn crop potential below USDA's most recent estimate. Meanwhile mild weather is limiting fresh concern over the corn and soybean crops, while everyone looks ahead to the big production question: whether an early frost will hit a crop that was planted late. Cotton futures tumbled to new lows on U.S.-China trade and concern that China will cancel some outstanding export sales. Crude oil was lower amid concern about the global economy and how it could be hurt by the trade war.

In the livestock complex, lean hogs were choppy for much of the week until Friday, when futures tumbled on news that China will slap an additional 10% tariff on U.S. pork. This news came amid mounting pressure from falling cash prices as hog supplies increase seasonally. The wholesale pokrk market appears to have topped out, and the monthly Cold Storage report showed frozen pork stocks are large. Cattle futures appeared to be on the road to recovery from the prior week's collapse, but like hogs they were slammed on Friday by the latest escalation in the U.S.-China trade war. Any negative impact from China tariffs on the cattle market is tied to their blocking what is viewed as a strong growth market for U.S. beef exports.

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