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July 23, 2007
In the News
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Weekly Commodity
Highlights
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Courtesy of
Brock Associates
www.brockreport.com
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Nearby Futures
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Weekly Change
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Friday’s
Close
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Year
Ago
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Corn
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-36 ¼
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3.18 ½
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2.60 ¼
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Soybeans
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-71 ½
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8.50 ¼
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6.00 ¼
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Wheat
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-4 ½
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6.16 ¼
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3.95 ½
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Cattle
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-.80
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90.83
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84.60
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Hogs
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+.33
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73.88
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70.83
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Cotton
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-5.39
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61.10
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51.15
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Weekly Comments: Corn and soybean futures took it on the chin early last
week from a flood of speculative selling after Midwest weather forecasts turned wetter.
Overbought conditions contributed to the steep sell-off in soybean futures,
which came despite lower crop ratings. Concerns about hotter, drier forecasts
for this week provided some support after Tuesday. Wheat futures held firm as
traders continued to worry already-tight world supplies might tighten further.
Extremely hot weather in U.S. and Canadian spring wheat regions
was supportive along with indications Europe’s crop might be smaller than
expected following heavy harvest-delaying rains. Severely overbought cotton
futures were buried under an avalanche of technically-driven
long liquidation set off by the corn and soybean futures sell-off. Hog
futures were supported by strong wholesale pork
prices and further speculation high Chinese pork prices might boost that
country’s imports. Cattle futures were pressured by
weaker cash cattle and beef prices.
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