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February 25, 2008
In the News
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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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+7 ½
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5.22 ¼
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4.34 ½
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Soybeans
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+46 ¼
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14.20
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7.83 ¾
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Wheat
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+22
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10.49 ½
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4.89 ½
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Cattle
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+.60
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92.00
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93.48
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Hogs
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-.70
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63.50
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67.03
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Cotton
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+6.80
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75.62
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54.95
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Weekly Comments: Soybean futures continued to gain ground, led by further
sharp gains in prices for soyoil and other edible
oils amid indications of strong Chinese demand. Corn futures were largely supported by higher soybean prices as the
market continued to compete for 2008 acreage. Wheat futures rallied late in
the week as the spring wheat market surged on renewed concerns about tight
supplies. Commodity index fund buying continued to provide support for all of
the grain and soy complex futures. The biggest mover of the week, however, was
the cotton futures market, as nearby cotton futures jumped nearly 10% in
value on support from strong commodity fund buying. A lower USDA cotton
acreage projection provided key fundamental support along with forecasts for
growing demand from China and India. Live cattle futures posted modest
gains on support from a firm cash market tone, while lean hog futures slipped
slightly amid prospects for seasonal cash market weakness.
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