In the News

Weekly Commodity

Highlights

Courtesy of

Brock Associates

www.brockreport.com

Nearby Futures

Weekly change

Friday's

Close

Year

Ago

Corn

-.38

5.07 ¼

4.03 ¾

Soybeans

-.86

12.54

7.71 ½

Wheat

-1.72 ½

9.87 ½

4.61 ¼

Cattle

+.17

90.67

98.10

Hogs

+1.30

56.32

63.57

Cotton

-8.28

71.02

53.27

Weekly Comments: Long liquidation, primarily by the commodity funds, sent the grain/soy complex tumbling last week. Soybeans were the hardest hit, both in terms of the size of the losses and severity of the chart damage. Both near-term and intermediate-term uptrend lines were broken on the daily soybean charts and gaps stand in the way of a strong rebound.. Wheat futures also took big steps toward confirming a major top. The Chicago and KC July contracts now have confirmed double tops. The corn bulls appear to have more fight left in them, at least from a technical perspective. This action suggests all known bullish fundamentals have been factored into prices. However, a major unknown factor will be revealed next Monday when USDA releases its first survey-based acreage estimates of the year and then comes growing conditions. Both hog and cattle futures spent last week consolidating near contract lows. Because hog futures carry a premium to current cash prices and slaughter numbers continue to exceed expectations, that futures market should have more downside than cattle. Friday's hog report is expected to show only modest breeding herd liquidation, despite high feed costs and hefty losses. The on-feed cattle inventory was 2.2% larger than a year earlier.