In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1925	4.4150	4.5575
Soybeans	-0.0475	10.44	12.0550
Wheat	-0.2100	5.06	6.46
Cattle	+2.65	216.30	176.15
Hogs	-1.375	90.875	91.725
Cotton	-1.80	66.61	77.31
Milk	-.07	18.42	18.63
Crude Oil	+2.74	61.02	78.26

Grain and oilseed futures were under pressure, with corn stumbling to new lows on favorable Midwest weather and technical selling, while wheat made new contract lows on recent improvements to conditions in the Plains. Planting season started out "normal" with some rains disrupting progress, but more recently a big planting window has opened up for the Midwest. Soils are mostly well-supplied with moisture given recent rains. Traders meanwhile were closely watching trade news, including a deal with the U.K. that should boost U.S. ethanol exports, and this past weekend's talks between the U.S. and China. Early Monday the two sides announced they were slashing tariffs significantly for 90 days, giving the ag complex a boost and sending the stock market soaring. There is still considerable uncertainty about U.S. ag export potential to China however. Traders were also looking ahead to Monday's USDA Supply and Demand report, which came in friendly for both corn and soybeans, but negative for wheat prices. Crude oil climbed amid short-covering and bottom-picking as the market has had a chance to digest OPEC's recently announced production increase.

In the livestock complex, live cattle and feeder cattle futures again stampeded their way to new contract highs on support from strong cash markets and easing economic worries. However, while tightening U.S. cattle supplies remain the dominant market fundamental, high slaughter weights and deeply negative packer operating margins remain negative market factors. Beef demand has remained strong despite rising prices, but only a small portion of the rise in cattle prices has been passed on to consumers. Packers can't continue to lose more than $100 per head forever and may soon force retailers to pass on more of the increase. The complex got a fresh boost on Monday with news that the U.S. was again banning imports from Mexico due to New World Screwworm.

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