In the News

Weekly Commodity

Highlights

Courtesy of

Brock Associates

www.brockreport.com

Nearby Futures 

Weekly change

Friday's

Close   

Year

Ago

Corn 

-3 ½

3.73

2.64 ¼

Soybeans

+12 ¼

9.91 ¼

5.52 ¾

Wheat

+65

9.39

4.45 ½

Cattle

+.25

96.95

90.68

Hogs

-2.45

58.90

62.55

Cotton

-1.43

62.05

50.00

Weekly Comments:  The historic rally in wheat prices resumed, with futures surging to new all-time highs fueled by increasingly pessimistic forecasts for Australia's crop. USDA provided still more fuel for the bull move on Friday when it unexpectedly cut the 2007 U.S. wheat crop and pegged Sept. 1 stocks well below trade expectations. Corn futures turned lower despite the strength in wheat prices when USDA pegged Sept. 1 corn stocks 162 million bushels above its previous 2006-07 ending stocks estimate. Soybean futures higher gained further ground on concerns about dry weather in northern Brazil and uncertainty about the U.S. crop but gave back part of their gains on retreated Friday after USDA reported higher-than-expected U.S. soybean stocks. Live cattle futures held firm on support from tightening fed cattle supplies, but futures premium to cash and weak packer operating margins limited strength. Lean hog futures continued to nosedive under pressure from large hog supplies and anticipation of even larger supplies during the fourth quarter. Friday's USDA Quarterly hogs and pigs report provided confirmation of burdensome supplies.