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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0225	3.9000	3.7450
Soybeans	+0.0325	9.4150	8.8250
Wheat	+0.1400	5.5625	5.1050
Cattle	+0.90	126.70	123.95
Hogs	-0.10	70.58	60.58
Cotton	+0.96	68.92	72.06
Milk	-0.24	17.12	14.23
Crude Oil	+1.26	61.70	44.61

Grain and soybean futures were mostly higher, rallying on optimism about Chinese demand and a sharp decline in the U.S. dollar. Corn futures made multi-week highs. However, trading volume was low in corn and across the grains complex as many traders took an extended break for the Christmas holiday. Corn export demand remains sluggish. Soybeans also made multi-week highs, supported in part by a strong soybean oil market. The wheat market was the top performer, surging to six-month highs and to its highest level in more than a year in Chicago on a spot-month basis. Cotton futures were firm and rice futures surged to new contract highs and an 18-month high on a front-month basis. The key underlying support for the grain and oilseed complex comes from the U.S.-China "phase one" trade deal, which appears likely to be signed in the next few days. On the negative side, the South American crop outlook is generally strong, and has improved in recent days, as key areas of southern Argentina dealing with dryness saw plentiful rains. In the U.S., rains in the southern Plains have eased concern about drought in hard red winter wheat areas.

In the livestock complex, live cattle futures were firm, despite limited activity in Plains cash markets. Cash trade did emerge late on Friday, and it was supportive with the bulk of the trade at $122 in the southern Plains. Forecasts calling for harsh winter weather in the central and northern Plains also supported futures. Recent weakness in wholesale beef prices is weighing on futures, and has made packer margins relatively tight for the first time in months. Lean hog futures were near unchanged on the week, with the downside limited by optimism over Chinese pork demand. Hog supplies however appear ample to meet packer demand well into the first quarter.

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