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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1800	3.1925	4.4950
Soybeans	-0.1950	8.6125	9.1825
Wheat	-0.0950	4.7575	5.4650
Cattle	+0.63	96.03	105.38
Hogs	-4.67	48.13	75.48
Cotton	-0.31	59.50	66.39
Milk	+0.35	21.53	17.08
Crude Oil	-1.59	38.24	59.38

Grain and oilseed futures were under pressure throughout the week, particularly corn and winter wheat. Corn, Chicago wheat and Kansas City wheat all made contract lows. For corn, the pressure came from mostly benign crop weather, although entering this week there is growing concern about heat and dryness in the Midwest. Even with some yield reductions however, domestic corn supplies are likely to remain very large over the next year. Winter wheat futures were pressured by the ongoing harvest and comfortable world supplies. Soybeans were pressured by corn and by the ongoing uncertainty over U.S.-China trade relations. Rhetoric between the two countries remains concerning, with one White House adviser saying the trade deal was "over" before President Trump said the deal was in fact intact. Cotton futures were pressured by a firm U.S. dollar and pressure on crude oil prices, while the downside was limited by heat and dryness in West Texas. More of the Texas crop is rated "poor/very poor" than "good/excellent" according to USDA. Another negative factor for commodities generally was worries about demand due to the pandemic and its impact on the economy. Positive test results continued to surge in southern and western states.

In the livestock complex, lean hog futures tumbled, with pressure late in the week from Friday's quarterly Hogs and Pigs report. Total hog supplies were pegged at 105% of a year ago, compared to the average analyst estimate in a Reuters poll of 103.7%. Hogs kept for marketing were 106% of a year ago. The market is pressured by demand concerns tied to the pandemic, and abundant supplies. Nearby months made new contract lows. Live cattle futures were mostly firm, despite ample supplies and weaker Plains cash cattle prices, as packers were buying for a holiday-shortened week.

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