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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0225	4.9550	6.8400
Soybeans	+0.2200	13.0225	13.9150
Wheat	+0.0625	5.8600	8.4925
Cattle	-2.13	184.63	151.68
Hogs	-3.50	66.00	87.03
Cotton	-3.66	82.40	77.40
Milk	+0.66	18.07	21.29
Crude Oil	+1.66	88.01	84.51

Grain and oilseed futures posted strong gains during week. Corn rallied strongly on Thursday, and the rally was accompanied by a surge in open interest, indicating fresh buying coming into the market. Growing concern about dryness in some key growing areas in Brazil helped to boost corn and soybean prices. On the negative side, water levels on the Mississippi River fell further, dropping below last fall's previous record lows and slowing grain transportation. The wheat market continues to struggle to establish a bottom, with soft demand for U.S. wheat a negative factor. Meanwhile recent rains in southeast Australia have eased some of the concern about drought and wheat crop losses there. Cotton futures remained under pressure from continued poor export demand. Investors continue to keep a close watch on the volatile situation in Israel, and the potential for a broader war in the Middle East that could affect crude oil supplies.

In the livestock complex, live cattle futures fell back despite further strength in cash markets, as traders await the Friday afternoon Cattle on Feed report. The report looked very bearish. USDA pegged the Oct. 1 feedlot inventory at 100.6% of a year earlier, above all pre-report trade expectations as September feedlot marketings came in at just 89.4% of a year earlier, with placements at 106.1%. Feeder cattle futures sold off sharply amid weakness in cash feeder prices, higher corn prices and technically-driven selling. It was an ugly week in the lean hog futures market as the Dec. through April contracts crashed through key chart support to new lows. More deferred months also broke key chart support as futures came under pressure from further seasonal weakness in cash hog and wholesale pork prices, technically driven selling and demand worries spurred by Fed policy and geopolitical tensions.

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