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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0975	3.7675	4.7450
Soybeans	-0.0125	10.2800	14.0125
Wheat	+0.0350	5.4250	6.2675
Cattle	+0.150	184.25	180.375
Hogs	-2.400	89.800	102.10
Cotton	-0.18	67.09	89.29
Milk	+0.18	20.48	17.32
Crude Oil	+3.32	76.84	83.19

Grain and oilseed futures were under pressure again for most of the week, with corn, soybeans and cotton all falling again to new contract lows. Favorable U.S. weather and rising yield expectations continue to weigh on the complex, particularly for soybeans as much of the Midwest is seeing mild temperatures and decent soil moisture during this key period for the crop. Demand concerns also hang over the market, although China's soybean purchases from the U.S. have started to pick up recently. Losses were limited late in the week by short-covering and caution ahead of the Aug. 12 Supply and Demand report, but that report came out bearish for soybean prices. Wheat futures were steady to slightly higher on the week, with some underpinning from uneasiness about the situation between Ukraine and Russia. Cotton remained under pressure despite a surging crude oil market, which rallied on the situation in the Black Sea region as well as fears of a broader war in the Middle East. Grains traders were also watching financial markets, as equities plunged on Monday amid fears of recession only to regain much of their losses by the end of the week.

In the livestock complex, it was another wild week in cattle futures, as prices collapsed to start the week on the recession fears and stock market losses. Prices then consolidated for three days before traders hit the reset button and both live cattle and feeder cattle futures charted bullish outside days on Friday. Futures' weakness and seasonal weakness in beef demand have helped push Plains cash prices lower as feedlots took lower prices on hedged cattle. But cash markets did not fall apart as feedlots remained tight holders of cattle. Lean hog futures were pressured by seasonal weakness in pork demand and ample hog supplies.

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