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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0700	3.9075	4.7625
Soybeans	-0.0250	9.8675	13.4025
Wheat	+0.1800	5.7125	6.0425
Cattle	+2.4750	177.650	186.925
Hogs	-1.050	78.450	83.125
Cotton	+2.36	69.48	85.39
Milk	+0.43	23.21	18.40
Crude Oil	+0.98	68.65	90.77

Grain and oilseed futures were mostly firm on the week, despite USDA on Thursday reaffirming this year's corn and soybean crops will be large. USDA raised its corn yield estimate in particular, to 183.6 bushels per acre, as increases in Iowa and several other states offset cuts in Illinois and Ohio. USDA left its soybean crop estimate unchanged, but there is some concern about the effect of heat and dryness on the Midwest crop late in the season. Parts of the central and eastern Corn Belt haven't seen any rain this month, and the forecast doesn't show relief any time soon. Wheat futures were underpinned by renewed concerns about the war in Ukraine, with Russia striking a vessel carrying wheat from Ukraine in the Black Sea and warning about a broader war with NATO. Cotton futures were up on the week, rallying on crop concerns. USDA slashed its cotton crop estimate on Thursday. Meanwhile Hurricane Francine and its remnants raised questions about crop quality in the Delta region.

In other markets, crude oil plummeted to the start the week but rebounded to post a weekly gain. Class III milk futures extended their run to new highs, driven by solid dairy exports and sluggish production growth. Live cattle futures opened the week in retreat, but quickly rebounded after holding support at their August lows, posting moderate gains for the week. Futures were underpinned by their discounts to cash and expectations for mostly steady Plains cash trade as well as from strong U.S. stock market action and expectations for the Fed to lower interest rates this week. Feeder cattle futures also rebounded despite cash market weakness and stronger corn prices. Softening cash hog and wholesale pork prices and prospects for seasonally increasing hog supplies kept pressure on lean hog futures, which mostly finished the week little changed.

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