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January 14, 2008
In the News
The March issue of AgriMarketing will feature a special Supplement saluting the Crop Protection industry on the 75th anniversary of its trade asssociation CropLife America! To schedule an ad in this special issue--saluting a special industry--contact Judy Knoll at 636/728-1428 ext 2002; 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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+28 ¼
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4.95
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3.76 ½
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Soybeans
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+37
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12.86
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6.64
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Wheat
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-22 ¼
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9.09 ¼
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4.56 ½
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Cattle
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-3.20
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91.35
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93.60
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Hogs
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-.2.40
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54.00
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60.50
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Cotton
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+1.27
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69.96
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54.04
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Weekly Comments: The big story of
the week was Friday's USDA reports, which provided a strong dose of bullish
news for the corn, wheat and soybean markets, sending prices to new heights. Corn
futures exploded limit up on Friday after USDA cut 20% off its estimate of U.S. 2007 ending stocks and lowered its
2007 average corn yield estimate. Wheat futures which
had suffered heavy losses earlier in the week, also rose limit on Friday after
USDA pegged winter wheat seedings only 3.6% higher than a year earlier,
versus the average trade estimate for an 8% increase. The soybean market
struggled during the week with slow export demand, but new highs were made on Friday, with the 2008-crop contracts pulled
limit-up as the market worried about losing acreage to corn and wheat. Cotton
futures also received a strong boost from acreage concerns. Live cattle
futures were hit hard by weakness in Plains cash
markets and fears that high feed costs will force feedlots to dump inventory
onto the market. Lean hog futures remained under pressure from weak cash
market prices, although deferred hog futures reversed higher on expectations
for industry liquidation due to soaring feed prices.
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