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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1000	6.1000	5.5300
Soybeans	-0.5975	14.0875	13.2850
Wheat	-0.3200	7.7575	7.1275
Cattle	+1.65	143.88	127.58
Hogs	+1.18	98.40	87.13
Cotton	-0.61	96.13	90.68
Milk	-1.04	19.27	16.40
Crude Oil	-10.43	88.19	69.09

Grain and oilseed futures were mostly lower on the week. The market started the week on the defensive as the first grain shipment from Ukraine out of the Black Sea region since Russia's invasion departed, bolstering hope that the agreement between the two countries would work. More shipments of corn were departing by the end of the week. Another negative factor for prices: Weather forecasts dialed back the heat that had been expected this week in the Midwest. While still hot and dry, much of the Corn Belt has favorable conditions. The far western Corn Belt into the Plains remains the biggest area of concern, with soybeans in particular still susceptible to some lost yield potential. Drought also continues to grip West Texas, though there was some relief this week. House Speaker Nancy Pelosi's visit to Taiwan fed concerns about rising tensions with China and the potential impact on their ag purchases from the U.S. Crude oil futures plunged despite OPEC's disappointing announcement of a meager 100,000 barrel-per-day production increase in September. U.S. gasoline demand has run below 2020 levels three of the past four weeks.

Live cattle futures moved higher , finding support from stronger-than-expected cash trade, some favorable economic news including Friday's monthly employment report, and technically-driven buying. Prospects for tighter fed cattle supplies in 2023 remained supportive for prices as well. Feeder cattle futures managed modest gains on support from stronger cash prices and soft corn prices. Lean hog futures continued to climb on support from strong cash prices with hog supplies remaining seasonally tight. Most-active October futures led the way on support from their wide discount to the CME cash lean hog index. The hog futures charts are looking very strong with deferred contracts all posting large bullish outside trading days on Thursday.

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