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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1000	4.8725	6.2775
Soybeans	-0.2575	13.0750	14.4850
Wheat	-0.0625	6.2675	8.1075
Cattle	-1.57	181.33	145.10
Hogs	-1.75	81.33	101.08
Cotton	+3.60	87.89	104.59
Milk	+0.50	17.98	20.10
Crude Oil	+0.23	83.05	94.34

Grain and oilseed futures were down on the week, with pressure on Friday after the USDA Supply and Demand report. The market was also pressured by a favorable Midwest weather forecast during the week. The USDA report itself was a mixed bag: Yields and total production were cut a little more than expected for corn, soybeans and spring wheat. But USDA's new carryout estimates were a little higher than expected except for new-crop soybeans. The report reflected cuts to demand. Corn and soybeans posted bearish outside trading days on Friday. USDA's crop estimates reaffirmed the idea that despite lackluster crop ratings and persistent drought in the Midwest, there has been enough timely rain to stave off significant crop losses. The USDA report was bullish for cotton as the crop estimate cut sharply, helping sending that market to new highs. Intense heat in West Texas has hurt the crop there. USDA's revision to the rice balance sheet were fundamentally negative, but the rice market has underlying support from concerns about supplies in Asia, including crop damage in China. Crude oil was firm, holding above $80 amid strong domestic demand and concern about the war between Ukraine and Russia.

In the livestock complex, lean hog futures price action was volatile again amid extreme volatility in wholesale pork belly prices. Futures finished lower for the week under pressure from seasonal weakness in cash hog markets, although losses were limited by their discounts to the CME cash lean hog index. After finishing the prior week strongly and charting outside weeks up, live cattle futures fell back a bit amid a renewed standoff between packers and feedlots in the cash market. Renewed speculative profit taking also may have been spurred by concerns about the health of the U.S. banking system. Losses were limited by the overall outlook for shrinking U.S. cattle supplies.

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