In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0650	5.3900	3.7450
Soybeans	-0.1675	14.1325	8.7325
Wheat	-0.1450	6.3850	5.1275
Cattle	+2.43	120.43	97.25
Hogs	+3.58	99.00	78.80
Cotton	-0.20	87.56	61.55
Milk	+0.07	17.71	15.83
Crude Oil	-0.28	65.64	33.39

Grain and oilseed futures were mostly lower amid a lack of fresh demand news, technical selling and a firm U.S. dollar. Nearby corn and soybean futures had some underlying support from concerns about South American crop prospects tied to dryness in Argentina and late second-crop planting in Brazil. For new crop contracts, uncertainty about U.S. plantings have provided some support, along with talk that is already circulating about a major drought this year. While much of the western Corn Belt and Plains is in drought, there was some relief in recent days. The rains and some snow in the central and southern Plains pressured K.C. hard red winter wheat prices in particular, while a lack of relief in the northern Plains helped limit losses in Minneapolis spring wheat. Chicago and K.C. wheat both made multi-week lows. Cotton futures had and up-and-down week and ultimately ended lower. Cotton did end more than 3 cents off the week's low after plummeting on Tuesday. Tuesday's USDA Supply and Demand report offered few surprises, leaving the domestic balance sheets unchanged for corn, soybeans and wheat. The focus now turns to the end-of-month Prospective Plantings report, and long-range Midwest weather forecasts.

In the livestock complex, live cattle futures appeared to find support from expectations for the U.S. economy to rebound as Covid-19 vaccinations expand, and prospects for tighter cattle supplies later this year. Deferred live cattle futures were surprisingly strong as they rallied in the face of large market-ready cattle supplies and wholesale beef price weakness. Bulls were back in control of the hog futures market in a big way with help from strong cash fundamentals, strong demand expectations and further worries about disease issues in China's hog herd. Expectations for tighter U.S. hog supplies ahead helped drive futures to new contract highs.

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