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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0100	3.8375	3.7050
Soybeans	+0.5450	10.2225	9.3875
Wheat	-0.0800	5.0650	5.3000
Cattle	+3.7000	236.25	182.80
Hogs	-0.5750	90.10	75.075
Cotton	+0.78	66.10	66.46
Milk	+0.02	17.39	20.57
Crude Oil	-1.08	62.80	76.65

Tuesday's USDA crop report had a number of surprises that impacted the grain and oilseed markets. The biggest move was in soybeans, which surged after USDA slashed planted acreage, a cut that more than offset a bigger-than-expected yield increase. The biggest surprise was in corn, where USDA not only raised its yield estimate by almost 9 bushels, but also added nearly 2 million in additional harvested acres. The two increases resulted in a whopping crop estimate of 16.742 billion bushels, which would easily set a new record. The corn market did fall on the report, but rebounded to trade in positive territory for the week, with help from robust export demand. The USDA report was neutral or a little friendly for wheat, but the market slumped anyway, initially dragged lower by the weakness in corn. Ample global supplies and a lack of current crop threats weighed on wheat. Cotton rallied after USDA slashed planted acres and cut harvested acreage by even more on a percentage basis, resulting in a cut of 1 million bales to the projected 2025-26 carryout. The USDA report was negative for rice prices. A lack of progress on a trade deal with China was a negative factor for the grain and oilseeds complex.

In the livestock complex, lean hog futures had a choppy week, starting out stronger on support from their wide discounts to cash before coming under apparent pressure from lower corn prices and ideas the record U.S. crop could help push producers to expand herds, even though USDA lowered its pork production estimates for both 2025 and 2026. Live cattle futures remained volatile. They rose the first three days of this week on support from their discounts to cash and surging wholesale beef prices. Futures then sold off hard on Thursday on speculative profit taking, but rocketed higher on Friday, while staying below their contract highs.

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