In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0625	3.2075	4.1000
Soybeans	-0.2500	8.6750	8.8150
Wheat	-0.3575	4.9550	4.8725
Cattle	-1.43	106.45	107.65
Hogs	+1.35	50.98	71.00
Cotton	-0.30	62.36	63.84
Milk	-1.64	19.39	17.25
Crude Oil	+1.24	41.51	58.58

Grain and soybean futures were mostly lower on the week as a soybean buying spree by China was overshadowed by strong U.S. crop expectations. Soybeans fell to their lowest level in more than a month on Friday amid ideas USDA could raise its soybean crop estimate substantially on Wednesday. The market's action was particularly negative given that USDA announced several more soybean export sales to China during the week. Corn futures were pressured by technical selling and the generally benign crop outlook. Despite heat most of the summer and dry conditions in many parts of the Corn Belt, there has been just enough rain and cooling to preserve yield potential so far. Central Illinois cash prices hit a new low for the 2019-20 marketing year during the week, and spot cash basis bids are likely to deteriorate more ahead of harvest as producers flush remaining old-crop stocks out of storage. Wheat futures tumbled, with Chicago dropping to a one-month low while Kansas City and Minneapolis wheat made contract lows. Cotton futures retreated late in the week. A late-week rebound in the dollar off of two-year lows may have added to the pressure on the grain and oilseeds complex.

In the livestock complex, after being hit the prior week by fears that large hog supplies were overwhelming demand, hog futures rebounded significantly on signs of improved pork demand and technically-driven buying. Most-active October futures hit a 3-week high on Friday and December futures surged to a 7-week-plus high. Large supplies of heavyweight hogs remain a roadblock to higher hog prices. Live cattle made six-month highs early in the week on expectations of further strength in cash cattle prices, but they reversed lower on Thursday and extended their losses on Friday. The market fell despite confirmation of firm cash cattle prices.

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