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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0350	4.7725	6.7925
Soybeans	+0.3225	13.5175	14.2675
Wheat	-0.0300	5.7250	8.4050
Cattle	+1.65	183.88	151.95
Hogs	+1.28	71.75	83.38
Cotton	-4.76	79.62	83.00
Milk	+0.00	17.29	19.87
Crude Oil	-4.31	80.79	88.17

Soybean futures were the big mover during the week, rallying on optimism about Chinese demand over the next several weeks and growing concern about the weather situation in Brazil. January soybeans posted their highest close in seven weeks on Friday. Rains in central Brazil including Mato Grosso have been slow to develop, and traders fear that crop potential is set to deteriorate with more hot and dry weather expected. Corn futures struggled for most of the week as the supply outlook is still ample, but the market did post bullish reversals higher on Friday. The concerns about dryness in Brazil are not yet as much of a pressing issue for corn, but traders will be keeping an eye on the potential for a slow start to second-crop corn. Soybeans also had underpinning from the soybean meal market, which is surging amid strong demand as key soybean meal producer Argentina is low on beans. Cotton futures were on the defensive, and failed to gain any traction late in the week despite unusually robust weekly export sales and a plummeting U.S. dollar.

In the livestock complex, live cattle futures were up on the week as feedlots remained tight holders of cattle. There was limited cash trade, particularly in the southern Plains. But feedlots appear to be playing a dangerous game right now as market-ready cattle supplies were already 5.8% above a year earlier on Oct. 1 and have continued to back up in the market pipeline. Lean hogs were pressured late in the week from renewed pressure from large hog supplies and weak wholesale pork prices. While technically the market appears to have made a bottom in October, the upside potential for futures prices appears limited by ample hog supplies and potential for a year-over-year increase in production during the first half of 2024.

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