In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1200	3.7725	3.7350
Soybeans	-0.0575	9.3100	8.7900
Wheat	-0.0575	5.1025	5.0775
Cattle	-0.28	119.25	116.55
Hogs	-0.33	64.13	55.63
Cotton	+0.49	64.72	79.01
Milk	-0.14	20.05	14.43
Crude Oil	+1.20	57.40	60.67

Grain and oilseed futures were mostly lower on the week, pressured by a lack of demand and pessimism about U.S.-China trade. Corn was on the defensive for most of the week before rebounding modestly on Friday on a crop reduction in the USDA report and lower-than-expected projected world carryout. USDA's new corn production estimate was due mainly to reductions in the western Corn Belt. USDA left its soybean crop estimate unchanged, however. Farmers continue to struggle amid the slowest harvest in a decade, which has been exacerbated by widespread rains earlier in the fall and more recently snow across the Upper Midwest in particular. Cotton futures were up on the week on technical support, solid weekly exports and a friendly USDA report that confirmed production cuts in Texas. U.S.-China trade headlines were a roller coaster this week, with disappointment on news that the two sides wouldn't meet until December at the earliest to finish a "phase 1" trade deal, followed by optimism after China announced there was an agreement to fully roll back tariffs, and then disappointment again when President Trump said the U.S. had not in fact agreed to roll back tariffs.

In the livestock complex, live cattle futures extended their run to multi-moth highs in most contracts, fueled by strong wholesale beef prices and very large packer operating margins. Unusually early, harsh winter weather in the Plains was also supportive. Plains cash trade occurred at $114 in the southern Plains, up $2 from the prior week. Lean hog futures struggled early in the week but bounced back, with support from firm wholesale pork prices and strong packer operating margins. Packers are enjoying huge margins thanks to record-large hog supplies and impressive pork demand. Pork exports have been disappointing recently, but in the longer-term there is still much optimism about Chinese demand.

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