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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.3500	5.5200	3.3750
Soybeans	+0.6250	13.9175	8.9100
Wheat	+0.7750	6.9250	5.3525
Cattle	+0.95	120.18	103.28
Hogs	+4.08	105.65	53.65
Cotton	+2.22	89.93	62.54
Milk	-0.76	16.78	22.69
Crude Oil	-3.09	71.47	40.75

The grains complex rallied, with wheat leading the way on a growing recognition of major spring wheat crop losses in North America. USDA started the week with a monthly Supply and Demand report that was bullish for wheat. Corn also rallied, following wheat and with its own support from concerns about the drought that is gripping the northern Plains and extending into the northwest Corn Belt. Traders seemed to focus more on the forecasts for a hot, dry second half of July in the northwest Corn Belt rather than the favorable weather that continued over the central and eastern parts of the Belt as well as parts of the Delta region. USDA in its Supply and Demand report left its weather-adjusted trend-line corn yield unchanged at 179.5 bushels per acre and pegged output at a record 15.165 billion bushels. Soybeans also rallied. While USDA left its domestic balance sheet unchanged, traders are more on edge about production prospects for soybeans than they are for corn at this stage of the growing season. Cotton futures surged to a new contract high.

Crude oil futures fell sharply on news that OPEC members and Russia had agreed on a plan to restore production cuts made at the start of the pandemic. But now the question is how much more pain the pandemic, and the Delta variant, will inflict on the global economy and demand. In the livestock complex, futures were supported by expectations for tightening supplies and improved demand, although Plains cash trade has been uneven recently and wholesale beef prices are falling. Bulls regained control in the lean hog market as tight hog supplies underpinned cash markets. Reduced hog slaughter, meanwhile, underpinned wholesale pork prices, although packer margins remained weak. Prospects for tighter hog supplies in 2022 kept backend futures contracts well supported.

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