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October 8, 2007
In the News
The next issue will carry salutes to NAMA on its 50th Anniversary... and to this year's Product of the Year -- Ethanol. To schedule your congratualatory ad, contact Judy Knoll at 636/728-1428 ext 2002 or e-mail: JudyK@AgriMarketing.com
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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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-30 ¾
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3.42 ¼
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2.71 ¾
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Soybeans
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-50 ¾
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9.40 ½
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5.65 ½
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Wheat
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-49
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8.90
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4.64
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Cattle
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-.3.27
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93.68
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91.35
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Hogs
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-0.67
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58.23
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65.35
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Cotton
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-1.56
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60.49
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48.50
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Weekly Comments: Grain futures fell sharply with
much of the pressure coming from commodity fund liquidation of long
positions. The sell-off started in corn futures, as USDA's bearish Sept. 1
stocks figure kept pressure on corn prices along with a record-large harvest
and expectations for USDA to raise its crop estimate further. Soybean futures
also felt harvest pressure, but the wheat and soybean futures markets were not hit with any major bearish news. Rather both
markets simply appeared to run out of buyers amid ideas all their bullish supply/demand
news had been factored into prices. Growing
anticipation of larger winter wheat acreage for 2008 harvest also weighed on
the wheat market. Cotton futures were pressured by
technical selling and good harvest progress. Live cattle futures
collapsed late in the week under pressure from weakening cash market
fundamentals including very poor packer operating margins and larger supplies
of market-ready cattle. Lean hog futures continued to grind lower under
pressure from burdensome hog supplies and technical weakness.
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