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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.2075	3.9850	3.9075
Soybeans	-0.2475	10.5625	9.3050
Wheat	-0.3425	5.9850	5.0925
Cattle	+4.72	108.30	118.30
Hogs	-1.45	65.58	65.78
Cotton	-2.37	68.92	65.70
Milk	+1.69	23.88	20.21
Crude Oil	-4.26	35.59	51.89

Most of the ag complex was under significant pressure throughout the week, with prices declining amid technical selling and profit-taking after recent highs, with improved weather and bearish outside markets also playing a role. Corn futures posted their first weekly loss in more than a month, and posted a large bearish reversal on the weekly chart. Soybean futures also posted a bearish weekly reversal, off of a four-year high. Large speculators hold huge net long positions in both markets, leaving the potential for a significant pull-back if and when the market turns. Favorable Midwest harvest weather and improved conditions in South America helped to weigh on prices. The main supportive factor remains Chinese demand, and the prospect of more buying. Wheat futures were also lower. A winter storm in the southern Plains provided some much-welcome precipitation in hard red winter wheat areas. Cotton futures surged to a fresh nine-month high at mid-week before finally running out of gas, while posting a bearish reversal on the weekly chart. Outside markets were bearish as rising coronavirus cases and more shutdowns in Europe feed concern about demand. Crude oil futures tumbled, the stock market was down, and the dollar index surged.

In the livestock complex, live cattle futures shrugged off the bearish Cattle on Feed report from the prior week as traders turned their attentions back to the cash cattle market. Concerns about harsh weather in the Plains feedlot region helped prices recover off of 3-month lows along with firmer wholesale beef prices. Gains were capped by concerns rising Covid-19 cases could derail the economy's recovery. Lean hog futures rallied to start the week on Monday, but could not follow-through. Futures came under further pressure from demand uncertainty spurred by weakening cash hog and wholesale pork prices and fresh coronavirus concerns. Technically-driven selling also weighed further on hog prices.

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