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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0900	4.1575	4.9325
Soybeans	-0.3225	10.0550	12.8025
Wheat	+0.0925	5.9900	5.7975
Cattle	+1.8600	188.600	185.125
Hogs	+0.0500	84.075	81.925
Cotton	-1.06	72.21	86.06
Milk	-0.03	22.53	16.84
Crude Oil	+1.18	75.56	87.69

Grain and oilseed futures were mostly lower on the week. Corn and soybeans were pressured by the ongoing U.S. harvest, which is proceeding at a rapid pace due to continued dry weather. Corn yields remain for the most part very strong, which was reflected in Friday's USDA crop report, which raised the corn yield estimate slightly to 183.8 bushels per acre. The soybean crop was left essentially unchanged from USDA's prior estimate. Another negative factor for corn and soybean prices was forecasts calling for improved rain in areas of South America that need it, particularly Brazil. Wheat futures meanwhile were firm for most of the week before selling off on Friday. Wheat had support from a series of Russian attacks on Ukraine port facilities, and from less-than-ideal crop conditions in various locations around the world, including Australia, western Europe and the U.S. Plains. Cotton futures remained under pressure from poor demand. Crude oil was up on the week as traders warily eyed the situation in the Middle East. Grains in crude were limited by China's underwhelming stimulus plans, which may have also weighed on soybean prices.

In the livestock complex, lean hog futures continued to work higher in choppy trade, propelled by lighter-than-expected hog runs and stronger-than-expected cash prices. Good pork demand remained a positive market factor with weekly U.S. pork export sales strong for a second straight week. Gains were capped by expectations for hog supplies to increase seasonally in coming weeks. Cattle futures also continued to climb, rising for a fifth straight week, fueled by strengthening wholesale beef prices, firm cash cattle markets and fund technical buying. Nearby Class III milk futures were steady on the week. Bird flu is spreading rapidly through California's dairy industry, with officials worried that virus symptoms there are more severe than seen in other states earlier in the year.

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