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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0825	4.0675	3.7875
Soybeans	+0.4525	11.0150	9.2750
Wheat	+0.0350	6.0200	5.1675
Cattle	+0.35	108.65	119.00
Hogs	-0.67	64.90	64.78
Cotton	-0.30	68.62	63.69
Milk	-1.77	18.68	19.64
Crude Oil	+1.50	37.29	52.63

Grain and oilseed futures were up on the week, with soybeans leading the way. Strong Chinese demand and outside markets were supportive in what was a tumultuous presidential election week. As traders tried to make sense of the election, the dollar index plummeted, equities surged and crude oil also rallied. Soybeans jumped more than 50 cents, making a 4 1/2 -year high on a front-month basis and posting a bullish outside week higher on the chart. In addition to strong exports and more Chinese buying, the market has had some additional support from uncertainty about South American crop potential. Traders were meanwhile looking ahead to the Nov. 10 USDA report, which is expected to show reduced 2020 U.S. corn and soybean production. Wheat futures were also higher, mainly on the outside market support. Cotton futures were down slightly. With the apparent election of Joe Biden and a GOP-controlled Senate, the impact on agriculture is not yet clear, although there is the potential for changes in environmental regulations, ethanol policy and farm subsidies.

In the livestock complex, live cattle futures edged higher but were subdued, with firmer cash cattle and wholesale beef trade providing support along with sharp gains in U.S. stock markets, which spurred optimism about the general economy and future demand. Feeder cattle futures also moved higher for the week despite pressure from stronger corn prices. Plains direct cash cattle trade was stronger as feedlots apparently came in to the week a bit short bought on slaughter needs. Further seasonal strength is likely as retailers buy needs for the year-end holiday season. Lean hog futures rallied over the first four days of the week, however nearby December futures sold off sharply on Friday to end the week lower under pressure from seasonally large hog supplies and a softening cash market.

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