In the News

Weekly Commodity

Highlights

Courtesy of

Brock Associates

www.brockreport.com

Nearby Futures 

Weekly change

Friday’s

Close   

Year

Ago

Corn 

+27 ¼

3.76 ½

2.57 ¼

Soybeans

+24 ¼

9.79

5.58

Wheat

+28

8.74

4.21 ½

Cattle

+1.45

96.70

89.75

Hogs

-5.20

61.35

63.85

Cotton

+2.56

63.48

49.90

Weekly Comments: Soybean futures continued to charge higher on strong support from the tight 2007-08 U.S. supply/demand forecast and ideas of stronger import demand from China. Corn futures ended the week at their highest levels in nearly 3 months after rallying on strong demand and rising soybean prices. Unwinding of long wheat/short corn spreads was also supportive for corn futures early in the week, but wheat futures came surging back on Friday, supported by a large Iraqi purchase of U.S. wheat and continued dry weather over Australian wheat regions. Cotton futures surged strongly on technical buying and concerns too much acreage will be lost to other crops in 2008. Live cattle futures were boosted late in the week by stronger-than-expected Plains cash prices and anticipation USDA would report continued light feedlot placements during August. Placements came in 7.5% below a year earlier. Lean hog futures were the only major ag market that lost ground last week and they took a beating under pressure from anticipation record-large hog supplies will push cash hog and wholesale pork prices lower in coming weeks.