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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0025	6.8100	5.5925
Soybeans	+0.6375	14.5150	12.0925
Wheat	+0.1850	8.4775	7.7375
Cattle	-1.35	151.65	130.63
Hogs	-3.13	82.98	77.88
Cotton	+14.82	86.93	116.46
Milk	+1.54	20.35	17.81
Crude Oil	+4.71	92.61	78.81

Grain and oilseed futures rallied, driven by favorable outside markets and speculation that China was poised to relax its zero-Covid policies. Soybeans led the way, with help from solid export demand. However, the speculation that China was ending "zero Covid" appeared to be put to rest over the weekend, with the government reaffirming its position, which is doing a number on the country's economy and demand. Generally favorable conditions in South America are a negative for the grains complex, though there is some underlying concern about emerging dryness in Brazil. Corn's gains were limited despite the strength in soybeans by poor export demand and the potential for barge restrictions on the Mississippi River to continue into early next year due to low water levels. Cotton made a fresh two-year low to start the week but from their futures soared, propelled by a weaker dollar and the speculation about China re-opening. Improved weekly export sales for cotton were also supportive. Rice futures surged by more than a dollar, to a six-week high.

In the livestock complex, hog futures showed follow-through to last week's declines as wholesale pork prices continued to slip and cash hog markets turned lower with supplies ample to meet demand. Meanwhile, a hawkish Fed spurred new worries the U.S. economy is headed into recession. One bright spot was a jump in weekly U.S. pork export sales on increased Chinese demand. Losses were limited in the April and more deferred contracts by indications of continued sow herd liquidation. The CME Lean Hog Index fell to an 8 1/2 -month low. Live cattle futures retreated, even though Plains cash cattle markets traded steady to higher again. Technically-driven long liquidation weighed on futures along with demand concerns and soft beef exports. Feeder cattle futures also dropped back a bit, but losses were limited by tight feeder supplies.

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