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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.1000	3.8950	3.8650
Soybeans	-0.3700	9.6175	10.2925
Wheat	-0.2150	5.1675	5.3900
Cattle	+3.650	230.125	184.10
Hogs	-1.35	107.350	92.20
Cotton	-2.59	64.42	67.18
Milk	-0.13	17.20	20.30
Crude Oil	+2.17	67.33	73.52

Grain and oilseed futures remained on the defensive, with pressure from U.S. crop expectations, a lack of crop threats globally, and demand concerns tied to lack of progress on a trade deal with China. While lower on the week, the corn market actually held up well after making contract lows early in the week. Soybeans however stayed under pressure, as expectations for a big crop grow and China continues to not buy U.S. soybeans. High-level talks between the U.S. and China led to positive comments from both sides, but no news on a trade deal, and the U.S. said a deal could take another 90 days. Meanwhile President Trump finalized tariffs on a long list of countries, leaving 10% as a baseline tariff, with other countries seeing tariffs of 15% of higher. Wheat futures also made new contract lows, rice made new contract lows, and cotton was under pressure as well. Concerns about the economy are growing due to some disappointing economic data, particularly Friday's jobs report, which included downward revisions showing job growth was anemic in May and June.

In the livestock complex, wild action in cattle futures got even wilder, as live cattle and feeder cattle futures both went on an extreme roller coaster ride, soaring to new highs for three sessions in reaction to the July USDA Cattle-on-Feed and Cattle Inventory reports, and then imploding on Thursday under pressure from snowballing speculative profit taking and tariff uncertainties. But when the dust settled, cattle futures were still long-term uptrends and it remains unclear that a major price high has been charted. Lean hog futures were choppy, with prices coming under renewed pressure Monday and Tuesday from wholesale pork price weakness, tariff concerns and speculative position evening. However, futures stabilized after midweek amid lower-than-expected hog slaughter and improved weekly pork export sales.

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