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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0600	5.3025	6.1900
Soybeans	-0.1925	13.8250	14.4050
Wheat	+0.0675	7.0425	8.1700
Cattle	-2.30	179.60	141.83
Hogs	+0.78	85.03	96.33
Cotton	-0.22	84.26	96.21
Milk	+0.56	17.27	20.17
Crude Oil	+3.31	80.38	96.42

Grain and soybean futures were mixed on the week, as traders tried to keep track of weather forecasts that shifted daily. Technical selling was a factor particularly late in the week, as soybeans posted a bearish outside day down on Thursday and saw follow-through on Friday. The good news for soybean bulls is that export demand has picked up, with USDA reporting fresh "flash" sales four out of five days, amounting to 65 million bushels. Export demand remains soft for corn, but ethanol demand is on the rise, approaching a record high. Wheat was pressured late in the week by a better-than-expected yield estimate from a North Dakota spring wheat crop tour, and by a lack of fresh bullish news out of the Black Sea region. Bombing in the region has slowed and Russia is assuring African countries that it will meet its commitments to provide grain to the continent. Cotton futures made a 10-month high but fell back sharply late in the week following another week of poor export sales. Heat in Texas has been supportive for prices. Rice futures made a 4 1/2 -month high, supported by the recent export ban in India, but fell late in the week.

In the livestock complex, lean hog futures were steady to higher on continued support from strong cash hog prices. Favorable economic news was also supportive, easing concerns about a recession, but gains were capped by signs the cash hog market may be nearing a seasonal top with slaughter starting to increase seasonally. Live cattle futures started out the week mixed with front-end contracts weakening and back-end months rallying as traders reacted to larger-than-expected June feedlot placements and cattle inventory data confirming continued herd liquidation. Futures then went into a deep freeze at midweek, consolidating in narrow ranges amid another stand-off between packers and feedlots in the cash market.

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