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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.2500	6.4625	5.7675
Soybeans	+0.225	14.3850	12.4425
Wheat	-0.3600	7.6100	8.1500
Cattle	+0.75	155.88	139.58
Hogs	+1.93	90.43	82.00
Cotton	+3.02	83.20	103.70
Milk	-0.03	20.28	18.33
Crude Oil	+4.00	80.28	66.50

Grain and oilseed futures were mixed, with corn and wheat sinking amid speculative selling led by technical weakness and lackluster demand. Old-crop corn contracts dropped through key chart support and posted their lowest close in more than three months on Friday. Various corn contracts also posted bearish outside weeks lower. Ideas world wheat supplies are ample to meet demand, continued poor export demand for U.S. wheat, and a lack of fresh bullish news out of the Black Sea region weighed on the wheat market. Soybeans managed to close slightly higher on the week despite a big selloff Thursday. Traders say China has been buying small amounts of U.S. beans for December and January shipment. However, Brazilian soybeans are set to start dominating the export market in February. Soybeans were pressured this week by soybean oil, which fell sharply in part on the EPA's Renewable Fuel Standard mandates for the next three years, which were disappointing low for the renewable diesel industry. Cotton futures ended higher, climbing amid optimism that China was easing its Covid restrictions following widespread protests. Cotton also had support from crude oil, which climbed on expectations OPEC will continue to be stingy on production.

In the livestock complex, lean hog futures were slammed early in the week by pressure from falling wholesale pork prices and concerns about protests in China against the government's zero-Covid policy. But futures came roaring back Thursday and Friday to finish higher for the week with a rebound in pork prices and expectations for smaller hog supplies in 2023. Live cattle posted solid gains for the week on support from firm cash cattle trade and tightening U.S. cattle supplies. Cash prices were strong despite negative packer margins. Feeder cattle futures were boosted by live cattle strength, stronger cash feeder trade and the sell-off in corn futures.

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