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April 7, 2008
In the News
Last chance to register for NAMA's Agri-Marketing convention next week in Kansas City! Go to www.NAMA.org.
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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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+.37 ½
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5.98
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3.59 ¼
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Soybeans
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+.09 ¾
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12.77
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7.61
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Wheat
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-.15 ¾
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9.74 ¼
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4.31 ¼
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Cattle
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+.35
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87.90
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99.05
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Hogs
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+.43
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58.53
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65.38
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Cotton
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-.82
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70.86
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53.26
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Weekly Comments: Corn futures continued to rally as USDA's lower-than-expected
2008 U.S. planting intentions and March 1 corn
stocks estimates fueled fresh buying. Planting delays due to wet weather in
southern growing areas further boosted concerns that corn supplies may become
extremely tight in 2008-09. Soybean futures were hit hard
on Monday by bearish planting intentions and stocks figures, but rallied on ideas
actual U.S. soybean
plantings will be smaller than intentions due to rising corn prices. Fresh export demand from China was also supportive. Wheat futures
came under further pressure from technical selling and a bearish March 1
stocks figure, but rallied late in the week as speculators covered short
positions amid strength in corn and soybean futures. Live cattle futures
chopped sideways as pressure from lower cash cattle markets was offset by anticipation of seasonal strength in beef
and cattle prices. Lean hog futures were slammed early in the week by a
bearish USDA Hogs and Pigs report, but rallied back strongly as a rebound in
pork prices spurred higher packer bids for hogs in cash markets.
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