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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0425	3.8100	3.8425
Soybeans	+0.1800	9.0750	9.0700
Wheat	+0.0800	5.3250	5.3600
Cattle	+2.58	127.55	122.85
Hogs	+1.95	69.50	64.83
Cotton	+0.80	66.80	79.41
Milk	-0.15	19.40	13.77
Crude Oil	+0.62	59.82	52.58

Grain and soybean futures rallied, led by positive trade news, particularly the emergence of a "phase one" trade agreement between the U.S. and China. News of the deal first emerged Thursday and was confirmed on Friday, although there are still many details to be worked out and the deal likely won't actually be signed until next month. The U.S. says that China has agreed to buy $40 to $50 billion in U.S. ag products. However, China would not confirm any specific amount, and the dollar amount is a lofty target, nearly double the all-time record for Chinese imports. Nonetheless, Chinese officials mentioned buying U.S. corn, wheat and rice specifically as part of the deal, and the bottom line is things appear to be moving in the right direction. The China deal followed news to start the week that U.S. House Democrats and President Trump have agreed on a deal to pass the U.S.-Mexico-Canada Agreement on trade. Meanwhile USDA released a monthly Supply and Demand report on Tuesday, although it was not a major market factor. USDA left the corn and soybean balance sheets unchanged, while issuing bullish revisions to the domestic wheat, cotton and rice balance sheets.

The livestock complex was also bolstered by the U.S.-China trade agreement, and ended higher on the week. The live cattle futures market had spent most of the week in a choppy, sideways pattern, with the upside limited by tumbling wholesale beef prices and tightening packer margins, before rallying to new contract highs on Friday. Lean hog futures rallied on Friday to multi-week highs on the China trade news, which has particular relevance given the ongoing African swine fever crisis in China. Wholesale pork prices remain firm. The upside for hog prices is limited by ample supplies. Regarding China and the trade deal, the bottom line is there are still many unanswered questions.

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