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FDA Releases Its Annual Pesticide Residue In Foods Report, 97% Are In Compliance With EPA's Standards
Canadian July Tractor Sales Down 11%, Combine Sales Down 32%
Corteva Celebrates Completion Of $242 Expansion In Its Michigan Manufacturing Facility

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.3225	6.4225	5.3350
Soybeans	+0.4550	14.5425	12.9275
Wheat	+0.2725	8.2250	7.3350
Cattle	+0.63	144.50	131.95
Hogs	+1.63	100.03	87.48
Cotton	+12.46	108.59	93.36
Milk	+0.59	19.89	17.45
Crude Oil	+3.17	91.25	65.64

Grain and oilseed futures were mostly higher on the week. Corn and soybeans were boosted by uncertainty over U.S. crop potential due to heat and dryness. Friday's USDA crop report cut the expected corn crop modestly, in line with expectations, and it unexpectedly raised the projected soybean yield. Increasing export interest is supporting corn and soybeans. An extreme drought in western Europe is also supportive. On the negative side for prices, shipments continue to move out of the Black Sea, with more than a dozen ships carrying grain leaving in the past two weeks since Ukraine and Russia reached an agreement. The military conflict between the two countries rages on however, and the grain export agreement is still tenuous. Cotton prices soared, propelled by drought in West Texas and into the Delta region. Friday's USDA report confirmed widespread crop abandonment, and slashed the expected crop size. The result, in USDA's new balance sheet issued Friday, is the lowest U.S. cotton projected stocks-to-usage ratio in nearly 100 years. Crude oil prices rallied, as a lower-than-expected inflation reading for July eased concerns about a recession.

In the livestock complex, live cattle futures broke out to new long-term highs as Plains cash trade strengthened more than expected and U.S. inflation data eased worries about rising interest rates. Technically driven buying and shrinking cattle supplies also helped boost prices. Feeder cattle futures finished the week largely steady as support from tightening supplies and higher cash prices was offset by pressure from rising corn prices. Lean hog futures climbed again this week on further support from strong cash hog prices, with October hogs rising for a fourth straight week and making a contract high. Gains were capped by concerns about poor U.S. pork exports and expectations for hog supplies to start rising seasonally.

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