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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0675	3.9100	3.7075
Soybeans	-0.0200	9.3400	8.6350
Wheat	+0.2425	5.3225	5.1300
Cattle	+1.47	113.63	117.18
Hogs	-1.65	67.95	52.30
Cotton	+1.28	65.16	78.05
Milk	-0.15	18.56	15.53
Crude Oil	-0.94	53.84	68.71

Corn and soybean futures were down slightly on the week amid harvest pressure and favorable weather in much of the Corn Belt. Corn was also pressured by dismal export demand and continued weak ethanol demand. There are also questions about soybean demand, as recent sales have been solid but exports remain behind year-ago levels and progress between the U.S. and China on trade is questionable. Corn and soybean yields thus far have generally been somewhat disappointing but not disastrous, and the harvest weather outlook going forward is mixed. The northwest Corn Belt remains the biggest trouble spot. Wheat futures rallied to three-month highs in Chicago and Kansas City on technical strength and declining crop expectations in the Southern Hemisphere. Dryness in Brazil and Argentina remains a concern for corn and soybeans, although recent rains in Brazil have improved the outlook there. Cotton futures were higher in a volatile week, underpinned by technical support and concern about the crop in West Texas. Crude oil futures were lower amid demand concerns driven by questions about the economy. A sharp decline in the U.S. dollar helped underpin commodities generally.

In the livestock complex, lean hogs continued their volatile, choppy ways. The market retreated on Friday despite USDA's report of huge weekly pork export sales. Optimism about Chinese demand in the face of the African swine fever crisis underpins the market, but record hog supplies are bearish and overshadowing bullishness on demand. Live cattle futures rallied for much of the week on strong wholesale beef prices and optimism about cash trade. Large Chinese beef imports and hopes for U.S. exporters to get a greater share of that market supported prices. Futures sold off on Friday, however, as cash trade came in weaker than expected and profit-taking emerged.

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