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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0225	4.8375	6.6850
Soybeans	-0.0625	13.6300	13.8600
Wheat	+0.0025	5.9575	8.2900
Cattle	+3.07	183.23	144.38
Hogs	-1.52	81.53	92.12
Cotton	-4.04	85.91	103.84
Milk	+0.00	18.92	20.59
Crude Oil	+1.84	87.39	83.54

Grain and oilseed futures were narrowly mixed in a relatively quiet week, with pressure from an early harvest and lack of demand partially offset by uncertainty about U.S. yields. An extended period of hot and dry weather in August and early September has brought crops to maturity rapidly, but it has also had a negative impact on yield potential. Traders took a cautious approach late in the week, ahead of the Sept. 12 USDA crop report. The dryness in the Midwest is also causing very low water levels in the Mississippi River system for the second fall in a row, which threatens to slow barge traffic and weaken basis levels. Wheat futures made new contract lows amid light demand and improved rains in the southern Plains, which will boost the hard red winter wheat planting outlook. Large Russian supplies are also a negative factor. Rice futures fell sharply, retreating from recent gains amid harvest pressure and softer prices in Asia. Cotton futures fell sharply amid poor export demand and a surging U.S. dollar, which is a headwind for commodities generally. However crude oil futures surged, propelled by an announcement that Saudi Arabia and Russia would extend production cuts.

In the livestock complex, lean hog futures strengthened coming out of the Labor Day holiday with various contracts reaching one-month highs on Tuesday. The rally stalled out after Tuesday, though, as expectations for more seasonal cash hog market weakness offset support from a rebound in wholesale pork prices, low slaughter weights and improved packer operating margins. Live cattle futures roared higher on Wednesday and Thursday on support from anticipation of stronger cash trade, technically-driven buying and stronger-than-expected economic data. The impact of August heat on Plains cattle herds has also likely been a bullish market factor. Some contracts made new contract highs.

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