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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1925	5.1375	6.0100
Soybeans	+0.5300	13.7075	13.4100
Wheat	+0.1200	6.6150	7.9500
Cattle	+3.25	182.63	139.93
Hogs	+2.23	83.60	93.35
Cotton	+0.05	81.22	83.71
Milk	+0.56	15.08	20.36
Crude Oil	+1.55	75.32	92.83

Grain and oilseed futures were mostly higher on the week, with corn rebounding late in the week on a drier U.S. forecast and a rare cut to the projected crop yield in the July USDA Supply and Demand report. Corn fell to a new long-term low on Wednesday but rallied to post a bullish outside day up. Corn and wheat were both supported by worries about the end of the Black Sea export deal, which appeared to end on Monday with Russia's exit. Gains for corn were limited by benign weather in the Midwest as corn goes through pollination. Harvest pressure weighed on wheat prices, along with a lack of major crop threats globally outside of the northern U.S. Plains, Pacific Northwest, and Canadian prairies. Soybean futures were firm despite a Wednesday USDA report showing a higher-than-expected U.S. carryout for 2023-24. Cotton's gains were limited by poor export demand. Crude oil climbed amid strong U.S. fuel demand and worries about the impact of production cuts in Saudi Arabia and Russia. Concerns about global food and energy security could rise as there is an escalation between Ukraine and Russia.

In the livestock complex, live cattle futures went on a roller coaster, surging to new contract highs on Wednesday, then selling off with grain futures to chart bearish reversals. There was limited follow-through to the downside, however, and futures rallied strongly on Friday. Plains cash cattle markets remained remarkably quiet amid a standoff between packers and feedlots. In lean hogs, the seasonal rally in cash hog prices got off to a late start this year, but has been in full gear recently. Since bottoming in late April, the CME cash lean hog index has rallied more than 40%. There is no signal of a seasonal cash market top yet and this rally may still have room to run.

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