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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0550	3.3125	4.1475
Soybeans	+0.2700	8.6775	8.6975
Wheat	-0.0550	5.1525	4.9075
Cattle	-3.43	96.18	104.68
Hogs	-3.10	53.93	86.28
Cotton	+4.20	61.79	68.74
Milk	+1.35	19.85	16.12
Crude Oil	+3.89	39.38	51.68

Grain and soybean futures were mostly higher on the week, driven by optimism about the U.S. economy as more states open up, and by Chinese soybean demand. Soybean futures were the upside leader, as China or "unknown destinations" was a consistent buyer of U.S. beans over the past several days. This despite ongoing concerns over U.S.-China relations and the trade deal. Corn also gained, posting their highest weekly closes in the July and December contracts in eight weeks. The demand outlook is improving as fuel consumption rises and with it ethanol production. Interior corn basis levels have been strong in recent weeks. The crop outlook remains strong, however, which will limit the market's upside longer-term. Most areas of the Corn Belt have seen a favorable mix of rain, sunshine and warmth, with the far western Corn Belt being an exception. Cotton futures surged amid technical strength, with concern about crops in India and Pakistan providing some support along with heat in West Texas. Rice futures continued to soar in nearby July, which roared to a new 12-year high, before pulling back sharply late in the week. Crude oil surged to its highest level since mid-March, as did major U.S. stock indexes.

Despite the gains in the stock market, livestock futures were down on the week, as wholesale values of beef and pork both continued to fall sharply. Choice and Select wholesale beef prices continue to fall by more than $10 at a time, and Plains cash cattle trade was down more than $10 from the prior week. Cash hog fundamentals are also negative. The demand outlook should improve going forward, however, with the monthly jobs report on Friday coming in much better than expected, and re-opening of various economies likely driving a return of grilling demand.

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