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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1125	4.2475	6.3975
Soybeans	+0.0950	11.5125	1518.75
Wheat	-0.1125	5.5734	708.75
Cattle	+0.55	188.45	165.43
Hogs	+0.875	88.075	84.55
Cotton	+2.08	95.57	84.17
Milk	+0.54	16.77	17.75
Crude Oil	+3.48	79.97	79.68

Grain and oilseed futures were mostly higher on the week, as various markets rebounded after falling to fresh multi-year lows. Corn made a new low to start the week on Monday while soybeans made a new low later in the week, but also rebounded. Market bulls are optimism the market has finally bottomed. The large speculative net short position along with the new long position by commercial traders has fed hopes for significant short-covering to aid the rebound. Strength late in the week in crude oil, which surged above $80 for the first time since November, was supportive. But large South American supplies continue to hang over the soybean market, and benign weather in Brazil is weighing on corn. Cotton futures soared to new contract highs and were up more than two cents on the week, but ended the week in retreat. Wheat futures also ended the week on a down note, with large Black Sea supplies and a lack of crop threats in the U.S. keeping prices under pressure. Wheat did not make new lows for the move, however.

In the livestock complex, lean hog futures remained strong mirroring cash hog prices, which continued to rise on good packer demand as firm pork demand kept operating margins solid. Nearby April futures spent a good part of the week consolidating amid pressure from their premium to cash, but deferred futures were strong all week, especially the summer-month contracts as traders anticipated a seasonal drop off in hog supplies. Pork prices have held up very well in the face of recent larger production. It was another choppy week for live cattle futures, which started strongly on Monday, then sold off, only to come ripping back to the upside on Friday. Prices were pressured by large market-ready cattle supplies and negative packer operating margins, but cash cattle prices held firm amid strengthening wholesale beef prices.
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