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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.3525	5.3150	3.8750
Soybeans	+0.4200	14.1675	9.2875
Wheat	+0.3675	6.7750	5.7325
Cattle	-1.10	118.20	127.50
Hogs	-0.17	72.65	74.98
Cotton	+0.93	80.70	70.32
Milk	-0.41	19.29	17.08
Crude Oil	+0.10	52.36	57.84

Grain and oilseed prices soared, propelled by the Jan. 12 USDA report, which included the final estimate of the 2020 crop. The big shock was USDA's 325-million-bushel cut to its 2020 corn crop estimate, including a reduction in yield to 172.0 bushels per acre. The cut was the largest ever made by USDA in its January production report going back to 1965, surpassing the 286-mil. bu. cut it made in 2019. Despite also lowering expected feed and ethanol demand, USDA cut its 2020-21 carryout projection to 1.552 billion bushels. Corn futures rallied by the 25-cent trading limit on Tuesday. Corn, soybeans and wheat all rose to their highest levels in more than six years. USDA's report was also friendly for soybean prices, as it cut the soybean carryout to 140 million bushels. This cut was widely expected, but nonetheless supportive for prices as it implies an ending stocks-to-usage ratio that would be near the record low. The USDA report was also bullish for cotton, cutting projected 2020-21 carryout by more than 1 million bales, due in part to another reduction to the Texas crop. Cotton export sales to China meanwhile remain strong. Cotton futures made a 2 1/2 -year high.

A plunge in the dollar index has provided some support for the ag complex, but it firmed up last week, making a new three-week high on Friday. Investors are trying to digest plans for a massive new stimulus package along unrest in Washington and the ongoing vaccine rollout. In the livestock complex, live cattle futures were pressured by disappointing Plains cash cattle trade. Ample fed cattle supplies could continue to hang over cash trade, unless a winter weather event develops in the central and southern Plains. Forecasts are calling for bitter cold in the northern Plains and Upper Midwest toward the end of the month.

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