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October 22, 2007
In the News
Be sure to attend NAMA's Agribusiness Forum. For more information, go to: http://www.nama.org/forum. We are in the process of closing up the annual Marketing Services Guide. If you have not completed your organization's listing, please do so and e-mail to: s_wobbe@charter.net |
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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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+19 ¼
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3.70 ¼
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3.15 ½
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Soybeans
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+6 ½
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9.83 ¼
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6.08
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Wheat
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-2
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8.55 ½
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5.13
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Cattle
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+.85
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95.30
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87.88
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Hogs
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-1.35
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56.93
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58.68
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Cotton
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+1.53
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65.40
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48.75
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Weekly Comments: Grain and soybean futures were supported
last week by commodity index fund buying triggered by strong gains in crude
oil and gold futures along with weakness in the U.S. dollar. Corn futures
found additional support from speculative short covering triggered by strong
export sales, USDA's lower U.S. yield estimate and harvest delays.
Soybean futures made a run toward their recent highs, but gains were limited by improved planting conditions in Brazil. Wheat futures came under further
pressure from speculative long liquidation most of the week, but rallied
sharply on Friday on reports Russia would slap a prohibitive tariff on
wheat exports. Cotton futures rallied on the strength in outside markets and
expectations for lower acreage in 2008. Cattle futures rebounded on support
from a stronger cash market tone, while lean hog futures remained under
pressure from record supplies despite indications of good demand, including
stronger pork prices.
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