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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0425	3.8675	3.6100
Soybeans	-0.1375	9.2025	8.4175
Wheat	-0.1450	5.1775	4.8725
Cattle	+2.45	116.08	117.08
Hogs	-3.03	64.93	56.78
Cotton	-0.26	64.90	77.68
Milk	+0.92	19.48	15.11
Crude Oil	+2.79	56.66	67.33

Grain and oilseed futures were under pressure for most of the week, pressured by weak demand and a lack of apparent progress in U.S.-China trade talks. Wheat was the biggest loser on a percentage basis, as both Chicago and Kansas City futures surged at the very start of the week only to spend most of the rest of the week in retreat, ending 15 to 20 cents off the week's highs. Healthy rains in some of the driest areas of soft red and hard red winter production areas were a negative factor. Corn continued its slow-motion retreat from recent highs, with weak ethanol and export demand overshadowing a sluggish U.S. harvest pace. Soybeans remained under pressure despite a report at the start of the week that China's government has authorized importers to buy 10 million metric tons of U.S. soybeans tariff-free. Cotton futures ended slightly lower in an up-and-down week, with soft demand and commercial selling off-setting concerns about the Texas crop. Despite the losses, cotton ended the week still in a broader uptrend.

In the livestock complex, highly volatile trade continued in lean hog futures, which ultimately suffered losses amid weak cash markets and a lack of fresh pork buying by China. Packers are seemingly having little trouble finding enough hogs to meet strong slaughter schedules. Live cattle futures were higher as Plains cash cattle prices rose from a week earlier and traders awaited the monthly Cattle on Feed report. Beef packer margins remain very large. Concerns that an explosion at a Dodge City, Kan. processing plant would disrupt demand proved to be unfounded. The USDA report was right on pre-report analyst estimates. USDA reported total feedlot inventories at 99% of a year ago, placements at 102.0% of a year ago, and marketings at 101% of a year earlier.

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