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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1225	3.7800	4.6475
Soybeans	+0.3000	9.8200	13.5625
Wheat	+0.3050	5.3275	5.6750
Cattle	+2.9250	185.50	180.15
Hogs	+1.6800	82.230	83.05
Cotton	-1.50	69.79	89.61
Milk	-0.05	20.61	18.61
Crude Oil	-1.28	73.55	85.55

Grain and oilseed futures were mostly higher on the week, fed by short-covering and technically-driven buying. Soybean futures broke through trend line resistance and corn futures posted a bullish outside week higher, feeding hopes that the market may finally be establishing a bottom. Soybeans had some fundamental support from heat and some dryness in the Midwest. Dryness has rapidly expanded in the Corn Belt recently, although the impact on crops at this stage of the season is likely to be minimal and forecasts going forward aren't particularly threatening. A recent increase in export demand from China has also been a supportive factor for soybeans. U.S. crop expectations are still very big, and as attention starts to turn to South America, the early outlook is for a big Brazilian crop as well. Wheat futures rebounded from fresh lows. The ongoing escalation between Ukraine and Russia, although with dryness in the region, is helping support wheat in the short-term. Cotton futures struggled amid lackluster demand and rains in West Texas. Crude oil futures were soft, pressured by concerns about China's economy, and expectations that OPEC is going to relax production cuts in October.

Lean hog futures worked their way steadily higher on apparent support from commodity fund short-covering and indications of strong pork demand, posting their third straight weekly gains. Nevertheless, U.S. hog supplies continue to look ample to cover demand and seasonal increases in slaughter are still set to put added pressure on hog and pork prices in coming weeks. Live cattle futures rebounded on ideas that the recent selloff was overdone. The largely neutral USDA monthly Cattle-on-Feed report on Aug. 23 set the stage for the rally along with futures' discounts to cash and increasing optimism about the U.S. economy. Gains were limited by wholesale beef price weakness and slightly weaker cash fed cattle trade.

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