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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.19	4.46	5.57
Soybeans	-0.43	12.05	12.00
Wheat	-0.19	6.79	6.83
Cattle	-2.15	181.55	181.43
Hogs	+0.07	94.35	92.98
Cotton	-4.37	76.15	81.42
Milk	-0.51	19.38	17.94
Crude Oil	-0.73	76.99	71.74

Grain and oilseed futures were down on the week, pressured by a mostly favorable Midwest weather outlook and lack of bullish demand news. With the calendar turning to June, attention is shifting away from planting that was sluggish and slopping in some locations, particularly in the western Corn Belt, and to conditions for the crop that is in the ground. With soil moisture across the Midwest at its most plentiful in at least four years, and the outlook for mid-June showing a lack of threatening heat, the crop outlook is generally favorable despite some late planting and flooding. Technical selling was also a factor, and corn posted its second weekly reversal lower in three weeks. Soybeans were pressured by Midwest conditions and by the continued lack of buying by China. Wheat futures were pressured by the ongoing hard red winter harvest. Crop losses in Russia have been a supportive factor for wheat, but ideas that these losses have been factored in to the market helped spur profit-taking. Cotton futures were pressured by a mostly smooth planting season thus far and some welcome rain in West Texas. Concerns about the U.S. economy and demand also hang over the commodity complex.

In the livestock complex, cattle futures opened the week strongly on support from the May 24 Cattle-on-Feed report and their discounts to strong Plains cash markets. However, the futures rally quickly hit a wall and speculative profit taking ensued. Lackluster Memorial Day beef clearance and expectations for seasonal cash market weakness were likely factors in the market's retreat. Lean hog futures started out the short week grinding lower under pressure from soft cash markets and technically driven selling. However, futures stabilized and worked slightly higher, breaking their five-week losing streak on support from technically oversold market conditions, stronger wholesale pork prices and good weekly U.S. pork export sales.

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