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March 17, 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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+12
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5.49 ¼
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4.04 ¾
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Soybeans
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-55 ¼
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13.52 ¾
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7.53 ½
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Wheat
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+105 ½
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11.91 ½
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4.63 ¼
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Cattle
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-.03
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90.50
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99.98
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Hogs
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-2.82
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55.03
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66.23
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Cotton
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-1.98
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79.30
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53.50
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Weekly Comments: Last week was a volatile one for
grain and soybean futures. Fresh index fund buying helped those markets rally
back strongly from sharp early losses on Monday and wheat futures moved
sharply higher after USDA lowered its U.S. ending stocks estimate more than
expected on Tuesday. The soybean market also saw a bullish carryout estimate
from USDA, but found limited support amid an absence of fresh demand from China, growing South American harvest
pressure and expectations for higher U.S. acreage. Growing economic concerns
weighed on all grain and soybean markets on Friday. Live cattle futures spent the week
consolidating in the wake of the previous week's sharp sell off. Pressure
from falling beef prices offset support from speculative profit taking. Lean
hog futures collapsed late in the week amid continued weakness in cash hog
and pork prices. Cotton futures were pressured by
further fund liquidation of long positions following an increase in USDA's
estimate of the U.S. cotton carryout.
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