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July 30, 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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+2 ½
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3.21
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2.37 ¾
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Soybeans
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-34 ¾
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8.15 ½
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5.74
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Wheat
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+37
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6.53 ¼
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3.87 ¾
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Cattle
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+2.80
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93.63
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83.48
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Hogs
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-$1.10
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72.78
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67.78
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Cotton
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+.45
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61.55
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53.60
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Weekly Comments: Soybean futures were hit hard last
Monday by another wave of speculative long liquidation following favorable
weekend rainfall, but lower USDA crop ratings and drier weather helped
stabilize the market the remainder of the week. Corn futures rebounded
slightly on dryness concerns as traders waited for confirmation of growing expectations
for a large crop. Wheat futures took off to the upside again on heightened
concerns about European production and the largest U.S. weekly export sales total in over
11 years. Cotton futures firmed as traders took profits after the previous week’s
sharp sell off. Action in hog futures remained wild with rumors that China will boost pork imports continuing
to support speculative buying and short covering. Live cattle futures posted
strong gains on support from tightening cattle supplies and a $1.00-$1.50
rise in Plains cash cattle prices.
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