In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0975	3.9800	3.7800
Soybeans	+0.0025	10.3675	9.8200
Wheat	+0.1325	5.1800	5.3275
Cattle	+1.950	241.90	185.85
Hogs	+3.83	95.03	82.22
Cotton	-1.22	65.21	69.79
Milk	-0.12	17.27	20.61
Crude Oil	+0.35	64.01	73.55

Grain and oilseed futures were mostly higher on the week. Corn made a five-week high, with support from continued strong export demand and the notion that USDA has printed its highest crop projection of the season, and that the actual crop will fall well short of its projected 188.8-bushel yield. Soybeans struggled amid profit-taking after recent gains. The continued absence of China as a buyer weighs on the market, and there is no sign of progress on a trade deal. Some concern about dryness in the lower Midwest helped to limit the downside. Wheat was firm in Chicago, and Kansas City wheat was also up on the week, rallying late in the week after making new contract lows amid pressure from rains in the southern Plains, which will boost hard red winter wheat planting prospects. Minneapolis spring wheat also made new contract lows, and posted a weekly loss. Cotton futures made a three-week low as demand remains lousy. Rice futures fell to a five-year low but rallied on Friday to end the week with a gain.

In the livestock complex, there's no sign yet that the bull market in cattle has reached an end. Live cattle continued to rally, making new contract highs and an all-time high on a front-month basis on Wednesday, before retreating on Thursday and bouncing back on Friday. In the end, it was another solid weekly gain -- the 10th straight week higher for October live cattle. Beef prices continue to surge, and packer margins are back in positive territory. Feeder cattle futures also made new contract highs. The cattle complex and feeders, in particular, likely had some support from the surprising news this week that New World screwworm had been identified in a Maryland man. The health threat in the U.S. from this is very low, but it will nonetheless reinforce restrictions on Mexican cattle imports.

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