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June 16, 2008
In the News
The next issue of AgriMarketing will feature its annual listing of Ag and Rural Shows...plus an update on Canadian agriculture! To schedule your organization's ad, contact Judy Knoll at 636/728-1428 ext 2002; or 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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+.81
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7.31 ¾
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4.04 ½
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Soybeans
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+1.02 ½
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15.60
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8.25 ¾
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Wheat
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+.71
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8.82
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5.89 ½
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Cattle
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+1.73
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95.58
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89.65
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Hogs
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-.50
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73.10
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75.28
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Cotton
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+5.11
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71.63
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52.38
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Weekly Comments: Corn futures continued to set new all-time highs, rising 12%-13%
on the week, as continued heavy rains and flooding in key parts of Corn Belt
sent the market into a panic over 2008-09 supplies. Soybean futures also
posted further large gains on support from crop worries and extremely tight
old-crop stocks. A lack of soybean trade in Argentina remained supportive. Wheat futures
continued to follow the corn market higher with harvest delays in the Plains
providing some fundamental support. Live cattle futures came surging back on
strong fund buying spurred by ideas soaring feed prices will mean a reduction
in cattle supplies. Firm beef prices were also supportive. Lean hog futures were also supported by index fund buying, but struggled due to
large hog supplies and seasonal weakness in cash hog and pork prices.
Cotton futures rallied sharply on technically-driven
speculative short covering and index fund buying tied to strength in energy prices
and grain prices.
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