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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0675	3.8775	3.7525
Soybeans	+0.1675	9.3825	9.0625
Wheat	+0.0975	5.4225	5.2350
Cattle	-1.75	125.80	122.35
Hogs	+1.18	70.68	62.38
Cotton	+1.16	67.96	75.06
Milk	-0.65	17.38	14.30
Crude Oil	+0.37	60.35	45.88

Grain and soybean futures were firm throughout the week, climbing on optimism about Chinese purchases stemming from a new trade deal and technical strength. Corn and soybeans made five-week highs before backing off slightly, while winter wheat futures made five-month highs. The U.S.-China trade deal is expected to provide a big boost to U.S. exports of a number of products, including corn, soybeans, wheat, rice and cotton. While the deal isn't signed yet and there's still the potential for problems, this week the two sides appeared to be on track for a January signing. Recent solid export demand was also a supportive factor, as USDA's weekly sales totals included marketing year highs for corn and wheat. On the negative side, South American weather is mostly favorable for crop production, particularly in Brazil. Dryness in southern Argentina had been a growing concern, but better-than-expected rains late in the week gives production potential there a big boost as well. Rice futures made a new contract high and an 18-month high on a front-month basis. Crude oil made a three-month high. Neither commodities nor financial markets appeared to be affected by the ongoing impeachment proceedings in Washington.

In the livestock complex, live cattle futures were on the defensive, pressured by tumbling wholesale beef prices. The sharply lower beef prices, along with firm cash trade, has thinned packer margins dramatically. This week's Plains cash trade was mostly at $120, up $1 from a week earlier. Traders were awaiting Friday's Cattle on Feed report, which turned out to be bearish. Lean hog futures were firm, underpinned by bullishness over Chinese demand. The U.S.-China trade deal should provide a big boost to pork export demand, and the latest weekly total showed China taking a large quantity of U.S. pork as the country deals with African swine fever.

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