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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1225	4.6475	6.04
Soybeans	+0.20	12.48	13.3725
Wheat	+0.46	6.9725	6.16
Cattle	+2.65	183.70	167.35
Hogs	-2.35	94.275	76.075
Cotton	+4.63	80.52	83.35
Milk	-0.15	18.57	16.16
Crude Oil	-2.34	77.72	72.67

Grain and oilseed futures were higher on the week, with wheat leading the way. Wheat rallied to their highest levels in about nine months in all three classes, as the market was driven by crop problems in southern Russia that are prompting reduced yield estimates. In the U.S., dryness in top hard red winter wheat producer Kansas is also a supportive factor. The corn market was firm, underpinned by the strength in wheat, solid export demand and a sluggish U.S. planting pace. Soybeans were also firm, with support from flooding in far southern Brazil and issues with Argentina's soybean harvest, which in turn is boosting soybean meal. The U.S. planting issues are a concern but far from a disaster. The question is to what extent yields suffer this year due to later planting. Excessive rains in the western Corn Belt in particular are feeding concern about the need for replanting. Cotton futures surged amid short-covering and technical buying, with support from strong export sales to China.

Crude oil futures were in retreat, pressured by ample supplies and concern over driving demand as consumers struggle with inflation. In the livestock complex, cattle futures charged higher again on support from continued strength in cash cattle and wholesale beef prices as well as expectations for Friday's Cattle-on-Feed report to peg the May 1 feedlot inventory below a year earlier. That report pegged the May 1 feedlot inventory at 99.1% of a year earlier versus trade estimates averaging 99.2%. April feedlot placements were 94.2% of a year earlier versus an average trade estimate of 93.9%. Lean hog futures lost ground for the fifth week in a row this week, coming under pressure from demand concerns, ample hog supplies and technically driven selling. Softer cash hog/wholesale pork prices and lackluster weekly U.S. pork export sales were negative market factors.

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