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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1100	5.7375	3.2625
Soybeans	+0.2425	14.2250	8.4575
Wheat	+0.1450	6.5500	5.3050
Cattle	-3.40	119.18	86.48
Hogs	-7.25	101.70	43.18
Cotton	+1.29	85.03	53.02
Milk	-0.42	18.96	11.02
Crude Oil	+3.81	63.16	25.53

Grain and soybean futures rallied amid broad strength in commodities and speculative fund-buying. The market had some underpinning from chilly conditions in the Midwest, which could slow planting, although the forecast overall is not too threatening. Corn poked its head above $6 briefly in nearby May, and new-crop futures remain in an uptrend. Soybean futures had some support from acreage concerns, which helped drive new-crop November futures close to contract highs at the end of the week. Wheat futures were boosted by dryness in the Plains, particularly the northern Plains, where drought remains severe and stretches into the Canadian prairies, feeding concern about this year's spring wheat crop. But wheat's direction mainly remains tied to corn. Cotton futures also rallied, making a four-week high late in the week with support from extreme drought in parts of West Texas. The ag complex was also supported by bullishness on the U.S. economy and demand, as vaccinations reach more than half of U.S. adults. Strong monthly retail sales and a drop in weekly jobless claims were also bullish. Crude oil made a four-week high, and the S&P 500 made a new all-time high on Friday.

In the livestock complex, live cattle was under pressure from lackluster Plains cash trade and signs that the recent rally in wholesale beef prices had run out of steam. Packer operation margins however remain huge, at nearly $600 per head. Feeder cattle futures were under pressure throughout the week by the strength in corn. Lean hog futures ended a bearish week in disastrous fashion, with June lean hogs settling limit down. Packer margins remain tight, but hog supplies were larger than expected during the week. Chilly temperatures across much of the U.S. through the end of the month may limit grilling demand.

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