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August 13, 2007
In the News
The October issue of AgriMarketing magazine will feature updates on Farm Broadcasting and Market Research. For information on making agri-marketers aware of your services in these areas, please contact Judy Knoll at JudyK@AgriMarketing.com or call 636/728-1428 ext 2002
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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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+6 ½
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3.33
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2.38 ¾
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Soybeans
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+32 ¾
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8.71 ¾
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5.57
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Wheat
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+34 ½
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6.84 ½
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3.86 ½
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Cattle
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-3.37
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90.23
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88.48
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Hogs
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-$.94
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73.43
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71.53
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Cotton
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-3.60
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59.25
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55.08
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Weekly Comments: Corn and soybean futures gained further ground on
support from concerns about hot weather across the southern half of the Midwest and position evening ahead of
Friday’s USDA crop report. The report held no huge surprises for the market. USDA’s
corn production estimate was higher than expected at 13.090 billion bushels, but most of the
additional supply was offset by higher demand
estimates with U.S. exports seen up 150 million
bushels due to crop losses in Europe and elsewhere. The first survey estimate of soybean
production was unchanged from USDA’s trend-line estimate, which lent added
support to prices as USDA further lowered its carryout projections to reflect
stronger demand. Wheat futures surged again on heightened concerns about
world supplies ahead of the crop report, but USDA’s estimates were in line
with trade expectations. Livestock markets were pressured
by commodity fund liquidation that may have partly been connected to concerns
about a possible global cash crunch. Disappointing cash market action weighed
on live cattle futures, while record hog supplies caused concern in the hog
futures pit.
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