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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0300	4.6700	6.6750
Soybeans	-0.0725	13.4025	14.1700
Wheat	-0.2450	5.5075	8.0675
Cattle	+2.15	176.80	155.40
Hogs	-0.13	75.45	90.80
Cotton	+2.01	81.51	85.28
Milk	-0.21	16.68	21.72
Crude Oil	-1.27	75.88	81.40

Grain and oilseed futures were mixed on the week but ended on a down note, retreating amid profit-taking and expectations for improved Brazil weather. Corn posted a bullish key reversal to start the week and that remained intact. But the latter part of the week was bearish, led by soybeans, which tumbled as forecasts showed improved rain in center-west, center-south and northeast areas of Brazil that have been suffering from drought. Weeks of heat and little rain in these areas has caused some replanting of soybeans and lowering of yield expectations, but it is still relatively early in the season. Wheat was pressured by a lack of demand for U.S. wheat, relatively quiet conditions in the Black Sea region, and a long-range outlook for this winter calling for above-average rains and some drought relief in the central and southern Plains, particularly Kansas. Cotton rallied with the help of a third straight week of strong export sales. Rice futures rallied to fresh contract highs. Crude oil remained under pressure from signs that the war in Israel would not spread, worries about the global economy, and strong U.S. production.

In the livestock complex, live cattle futures chopped around but ended higher on the week, as traders awaited Friday's Cattle-on-Feed report. The market had pressure from another week of lower prices in Plains cash markets. As for the Cattle-on-Feed, it looked largely neutral relative to trade expectations, although it was fundamentally negative, confirming that the Nov. 1 U.S. feedlot inventory was 101.7% of a year earlier. Placements were 103.8% of a year ago, although this increase was not as steep as the trade was expecting. Excess cattle supplies and concern about beef demand hang over the market. Lean hog futures were pressured by seasonally large hog supplies.

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