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Be sure to attend the Agricultural Relations Council's (ARC) annual meeting in Richmond, VA, Oct. 26-28. For more information click here.

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1100	5.3050	3.8275
Soybeans	-0.0350	12.4300	10.2350
Wheat	-0.2125	7.3400	5.7025
Cattle	+5.05	130.25	111.83
Hogs	-3.68	81.50	62.85
Cotton	+6.07	110.60	65.91
Milk	+0.57	18.77	19.14
Crude Oil	+3.47	79.35	38.72

Grain and oilseed futures were mostly lower on the week amid pressure from the ongoing harvest. The downside was limited by caution ahead of the Oct. 12 USDA Supply and Demand report, along with sloppy harvest weather. The current weather pattern is wet for much of the western and northern Corn Belt, and although many of these areas are still badly in need of rain long-term, the rains aren't of much use right now. Anecdotal yield reports remain mixed for corn and to a lesser extent for soybeans, although the trade is widely expecting USDA to raise the projected soybean yield Oct. 12. Positive demand news on the week included improvements in export demand and logistics at the Gulf as the recovery from Hurricane Ida continues. The big gainer on the week, once again, was cotton, which soared again to new contract highs and a 10-year high on a front-month basis. It was supported by Chinese demand, and rains in the U.S. South. Another supportive factor for cotton was a surging crude oil market, which made a 7 1/2 -year high as investors worry about energy supplies this winter.

In the livestock complex, live cattle futures executed a dramatic turnaround, rebounding from multi-month lows to one-month highs on support from technically driven short covering/buying and signs of improved demand in Plains cash markets. Easing downward pressure on wholesale beef prices may also have fed the rally. Lean hog futures gave back a portion of last week's big post-USDA report gains, falling the first three days of this week under pressure from speculative profit-taking and demand concerns. Prices did stabilize the last two days as tighter-than-expected hog supplies and strong packer operating margins provided fundamental price support along with a midweek rebound in wholesale pork prices.

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