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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1550	4.44	4.4625
Soybeans	-0.1850	10.4775	12.05
Wheat	-0.0850	5.34	6.7850
Cattle	-0.33	215.47	181.55
Hogs	+3.03	101.33	94.35
Cotton	-1.05	65.06	76.15
Milk	-0.17	19.17	18.60
Crude Oil	-0.74	60.79	76.99

Grain and oilseed futures were on the defensive for most of the week, pressured by generally favorable Midwest crop weather and lackluster demand. Corn fell each day of the week, undoing the prior week's gains, as forecasts showed a warming trend in early June that would help jump-start crop development. There is no significant heatwave in the two-week forecast. Soybeans were also pressured by the favorable weather, along with lousy weekly export sales and President Trump's announcement on Friday of a 50% tariff on imported steel, which should further inflame trade tensions with China. Winter wheat futures were on the defensive as rains eased drought concerns in the central Plains. However, excessive rains in the southern Plains, particularly Oklahoma and parts of Kansas, are driving worries about crop quality. Also, spring wheat futures rallied during the week, aided in part by poor crop condition ratings in the northern Plains. Cotton futures made an eight-week low late in the week amid lousy demand.

In the livestock complex, cattle futures ended the short trading week steady to slightly lower in most contracts amid choppy price action. Live cattle futures came under significant pressure on Tuesday morning from speculative profit taking on long positions in the wake of a neutral USDA Cattle-on-Feed report. However, futures were again underpinned by their significant discounts to firm Plains cash markets, with strong wholesale beef prices adding support. Plains cash trade was strong again for the week, with feedlots maintaining the upper hand. Lean hog futures rebounded sharply from recent losses on support from continued seasonal strength in cash hog and wholesale pork prices. The October and more deferred futures all rose to new contract highs. Wholesale pork prices jumped higher, suggesting strong Memorial Day weekend retail clearance.

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