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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1325	3.8475	3.6750
Soybeans	+0.3325	9.1625	8.5925
Wheat	+0.0325	4.9050	5.1800
Cattle	+0.20	110.78	118.38
Hogs	-2.60	67.25	55.33
Cotton	+0.77	61.67	76.00
Milk	+0.16	18.31	15.82
Crude Oil	-3.10	52.81	74.33

Grain and soybean futures rallied, led by soybeans, which climbed on the abstract hope of constructive U.S.-China trade negotiations and the concrete reality of a Chinese soybean buying spree. While the optimism about U.S.-China "high-level" negotiations has already faded, China continues its recent interest in buying U.S. soybeans. Soybeans and corn also had support from uncertainty about U.S. crop potential, as early yields have been mixed. Wheat futures were up slightly. The Sept. 30 quarterly grain stocks report come in bullish, particularly for corn, as USDA's ending stocks estimate of 2.114 billion bushels was more than 300 million below the average analyst estimate. Soybean ending stocks were also lower than expected at 913 million, although this is still record-high. The stocks report was neutral for wheat. Cotton futures were higher amid concerns about the U.S. crop, particularly in West Texas, where recent rains have posed a threat to quality. Crude oil futures stumbled amid concern about demand and a more relaxed view about supplies in the Middle East.

In the livestock complex, live cattle futures rose for a fourth straight week on support from stronger cash markets and technically-driven buying. Tightening market-ready cattle supplies helped to underpin prices, while gains were limited by flat wholesale beef prices and uncertainty about the U.S. economy in the face of recent lackluster data. Packer margins remain large, but have eroded significantly since reaching extremes in the wake of the Aug. 9 Tyson beef plant fire in Kansas. Lean hog futures rallied strongly on Monday in the face of what seemed to be a mostly negative USDA Hogs and Pigs report, but the market failed at long-term key chart resistance and sold off for the rest of the week. The big question for the market is how the pork market will absorb record supplies.

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