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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1225	4.9625	3.8425
Soybeans	+0.6375	13.7475	9.4725
Wheat	-0.0175	6.3875	5.5275
Cattle	-0.55	114.48	126.35
Hogs	-1.58	68.70	69.03
Cotton	+1.65	79.77	69.96
Milk	+2.15	19.64	17.09
Crude Oil	+3.70	52.22	59.61

Grain and soybean futures were mostly higher as the bull market in ag commodities continued. Soybeans led the way, posting a fresh six-year high. The market had support from talk of renewed Chinese buying interest, which appeared to be confirmed with export sales reported both Thursday and Friday. Traders were also watching South American crop prospects, which remain mixed with favorable conditions in Brazil and dryness concerns in Argentina. Traders are looking ahead to Tuesday's monthly Supply and Demand report as well as the final 2020 crop estimates. Small crop reductions are expected to contribute to a larger drop in domestic carryouts for corn and soybeans. Potential ending stocks for soybeans in particular have become very tight, with tightness this year likely to spill over into 2021-22 unless there is a huge U.S. crop this year. The wheat market did not follow soybeans and corn higher this week, but the cotton market remained strong, making another two-year high. Outside markets have been supportive to the ags, with the dollar index plummeting to another 2 1/2 -year low on expectations of more government stimulus checks as well as concern over the unrest in Washington.

In the livestock complex, lean hog futures charged higher to start the new year on support from a strengthening cash market, but struggled to extend gains the remainder of the week amid continued large hog supplies and technically-driven profit taking. Futures' sizeable premiums to cash appeared to limit the upside. Live cattle futures started out 2021 in an extremely volatile way, charting huge bearish outside days on Monday, only to have most contracts come back and chart even larger bullish outside days on Tuesday, before consolidating the rest of the week. This suggests a high degree of uncertainty about what is in store for prices in 2021.

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