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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.2450	6.5400	6.0375
Soybeans	-0.3150	14.9250	13.8725
Wheat	-0.4850	7.4350	7.4600
Cattle	-1.13	156.78	137.35
Hogs	-7.43	80.28	82.95
Cotton	+2.31	85.68	114.72
Milk	+0.01	18.60	21.67
Crude Oil	-6.48	73.78	79.46

Grain and soybean futures were down in a holiday-shortened week to start the new year, pressured by demand concerns tied to the economy as well as lackluster exports. Weekly export sales were poor for corn and wheat in particular. Worries about recession, in the U.S. and globally, is weighing on market sentiment. Meanwhile weather remains favorable and crop expectations very strong in Brazil, which will eat into U.S. exports. Traders are trying to determine what impact if any there will be from unrest in Brazil related to the presidential transition there. Traders also are looking ahead to the key Jan. 12 USDA reports, which will include Supply and Demand, the final estimates for 2022 U.S. corn and soybean production, and Dec. 1 quarterly grain stocks. After that, attention will start to turn slowly toward crop expectations for 2023. Recent declines in fertilizer prices are bolstering expectations for corn plantings, though soybean plantings are still expected to be strong. Cotton futures were up on the week, despite nearly nonexistent export demand over the past two months. Crude oil prices plunged on weak fuel demand in the U.S., and the problems in China's economy. Usually warm winter weather has helped curb energy demand.

In the livestock complex, live cattle futures were weaker, pressured by mounting fears of recession and sluggish Plains cash trade. There are still some supportive supply fundamentals with U.S. beef production expected to fall 7.3% this year, in the largest year-over-year drop in decades. However, beef demand is likelyt to struggle in 2023 as tighter cattle supplies drive beef prices higher at the same time as the economy appears headed into recession. Beef demand usually fares worse than pork or poultry demand in times of recession. Lean hog futures were down sharply, making a three-month low on Friday on demand concerns.

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