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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0200	4.4450	4.5000
Soybeans	+0.1250	10.6975	10.7975
Wheat	-0.1100	5.4375	6.1275
Cattle	-1.20	225.10	186.825
Hogs	+6.850	109.475	91.175
Cotton	-0.26	65.36	70.97
Milk	-0.02	18.75	19.87
Crude Oil	+8.40	72.98	78.45

Grain and oilseed futures were mixed on the week. Soybeans surged late in the week, with help from an EPA proposal that sets the Renewable Volume Obligation for renewable diesel at a much higher level than expected and also discourages imports of renewable diesel feedstocks, giving a boost to the soybean oil demand outlook. The upside for corn was limited by mostly benign weather, with virtually the entire Midwest expected to see ample rains through the end of the month to prevent any drought concerns for now. Wheat has also been pressured by the weather, with improving conditions across most of the Plains. Thursday's monthly USDA report included some friendly revisions, including increased old-crop corn exports and increased new-crop wheat exports, although the market impact was minimal. Cotton continued to struggle amid lackluster demand, and the market failed to get much of a boost from a big 900,000-bale reduction in USDA's 2025-26 carryout estimate. Crude oil futures rocketed higher on Friday after Israel launched a widescale attack on Iran, raising concern about a broader war in the region. This also helped boost wheat futures.

In the livestock complex, live cattle and feeder cattle futures took a tumble on Friday and ended the week solidly lower as concerns about the situation in the Middle East and technical weakness spurred active speculative long liquidation. The futures weakness came despite continued strong cash cattle trade and rising beef prices, and it is too early to say this is more than another short-term bull market correction. Significant follow-through to the downside will be needed to confirm a major top. It was another impressive week for the hog market, with lean hog futures continuing to soar to new contract highs on the back of surging cash hog and wholesale pork prices. The composite pork cutout is up 28% since mid-April.

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