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December 17, 2007
In the News
Happy Holidays to all! Publication of AgriMarketing Weekly will resume on Jan. 2. We are expecting to e-mail you the annual Marketing Services Guide next week!
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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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+21
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4.38 ¼
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3.71 ¾
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Soybeans
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+37 ¼
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11.57
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6.62 ¾
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Wheat
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+58
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9.79 ½
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4.91 ½
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Cattle
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-1.63
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92.60
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85.45
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Hogs
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-1.52
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60.18
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62.25
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Cotton
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+1.30
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65.85
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54.18
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Weekly Comments: Grain and soybean futures enjoyed another strong week on
support from continued speculative buying spurred in part by strong long-term
demand prospects and tighter supply forecasts. Tuesday's USDA supply/demand
update, which raised 2007-08 export projections and lowered expected ending
stocks for corn, soybeans and wheat helped propel prices higher. Support
also continued to come from expectations for larger U.S. renewable fuels mandate to be enacted. Wheat
futures turned mixed with new-crop contracts pressured lower by beneficial moisture
in the U.S. HRW Wheat Belt. Live cattle futures came under renewed pressure
from weaker cash cattle prices and packer slaughter cutbacks spurred by
unprofitable market conditions. Lean hog futures were also
pressured by weaker cash prices as record numbers of hogs continued to come to
market. Cotton futures rallied on technical short covering and ideas
higher grain prices would take more acreage away from cotton in 2008.
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