In the News

Weekly Commodity

Highlights

Courtesy of

Brock Associates

www.brockreport.com

Nearby Futures 

Weekly change

Friday’s

Close   

Year

Ago

Corn 

+2

3.49 ¼

2.31 ¾

Soybeans

+49 ½

9.54 ¾

5.37

Wheat

+2 ½

8.46

4.00

Cattle

-.85

95.25

92.30

Hogs

+.25

66.55

66.55

Cotton

+3.02

60.92

50.63

Weekly Comments: The record setting bull market in wheat futures ran out of steam on Wednesday, giving back earlier gains on speculative profit taking after USDA confirmed tighter U.S. and world wheat stocks. A further bearish reaction to a huge weekly export sales total on Thursday sparked ideas the market may have topped out, but continued uncertainty about Australia’s crop slowed the sell off.  Soybean futures charged higher again as concerns about the tight U.S. supply/demand picture remained supportive. A slightly lower U.S. crop estimate, upward revisions in soyoil usage and concerns about an early Midwest frost drove gains. Corn futures struggled to follow soybeans higher as the early Midwest harvest kept pressure on the market. A 254-million-bushel increase in USDA’s crop estimate failed to send prices lower, however, due to indications of strong demand. Cotton prices rallied sharply on speculative buying despite bearish crop and ending stocks data from USDA. Live cattle futures were pressured lower by weak cash cattle trade, while lean hog futures found support from steady cash prices.