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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0450	3.7675	3.8275
Soybeans	+0.1275	8.8950	9.0950
Wheat	-0.1725	5.2450	5.1550
Cattle	-1.23	124.98	121.80
Hogs	-0.63	67.55	66.90
Cotton	+0.64	66.00	79.08
Milk	+0.25	19.55	13.78
Crude Oil	+3.86	59.03	51.49

Corn futures ended the week lower, as a mid-week rally faltered amid weakening basis and a generally favorable South America crop outlook. Wheat futures retreated more sharply, giving back most of November's gains in both Chicago and Kansas City, with losses driven by profit-taking and worries about U.S. export demand. After a strong start to the marketing year, the latest weekly sales total for wheat exports were the lowest of the year, and weekly shipments were at their lowest level in 18 months. Soybeans were higher amid profit-taking in an oversold market. Fundamentally, the market got a boost from news that a major Argentine soybean crusher was suffering from "financial stress" and was likely to halt production at some of its plants. Meanwhile there was some positive news with Chinese demand, as the government said it would allow more tariff-free purchases of U.S. soybeans. However, there has been little progress on U.S.-China trade talks. Cotton futures were higher, rallying on Friday to their highest level in three weeks. Rice futures surged to an 18-month high on a front-month basis to start the week, but spent the rest of the week in retreat.

In the livestock complex, live cattle futures traded in a sideways pattern and ultimately ended lower, as the market remained below contract highs set the prior week. Sharp declines in wholesale beef prices were a negative factor, and while packer margins are still comfortable, they have contracted substantially in recent weeks. Plains cash trade was slow to develop, although prices did end up firm at mostly $119 in Kansas, up $1 from the prior week. Lean hog futures were very choppy, and pressured by record-large hog supplies. However, packers responded by putting together a record-large weekly slaughter. Wholesale pork prices were firm on the week.

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