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House Republicans Sound Alarm On Biden Administration's Plan To Undo Navigable Waters Protection Rule
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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.4700	5.1925	3.2800
Soybeans	-0.4325	12.6975	8.6825
Wheat	-0.2500	6.4075	4.8825
Cattle	+1.25	122.80	96.08
Hogs	-6.90	99.78	51.33
Cotton	+2.00	87.18	59.70
Milk	-0.05	16.67	20.94
Crude Oil	+2.68	73.97	38.72

Grain and soybean futures tumbled, dropping as fears of a 2012-style drought across the Corn Belt faded. Corn posted their lowest daily close in a month, with added pressure Friday from a U.S. Supreme Court ruling that sided with small crude oil refiners rather than the biofuels industry. But the main factor was the weather, as a wetter pattern took hold across much of the Corn Belt. In the southern and eastern Corn Belt in particular this has resulted in too much rain in spots, but this is generally preferable to drought. Severe drought does remain in place in the northwest Corn Belt, however, and recent relief will only be temporary, with more heat and dryness on the way. In the wheat complex, Chicago fell along with corn and Kansas City wheat was lower, but Minneapolis wheat was firm as spring wheat areas across the northern Plains face severe drought. Cotton futures bucked the trend, rising steadily on the week as traders prepared for USDA's acreage report and tried to gauge an uncertain Texas crop situation. Rice futures ended sharply higher, though well off their highs on Friday. Trade expectations for the USDA acreage report are for increases from March in corn and soybean plantings, and reductions to cotton and rice.

In the livestock complex, lean hog futures tumbled amid a big drop in pork values and soft cash hog markets. The market showed a limited reaction to USDA's quarterly Hogs and Pigs report, which confirmed trade expectations for a smaller June 1 market hog inventory than last year and continued liquidation of the breeding herd. Live cattle futures were higher, as a big jump in Plains cash cattle prices overshadowed weakness in wholesale beef. Friday's Cattle on Feed report showed placements at 93% of a year ago, compared to the average analyst estimate of 95.4%.

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