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June 23, 2008
In the News
Our thoughts and prayers are with those within the industry that have suffered so much from the tragic flood of 2008.
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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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-.10 ½
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7.21 ¼
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3.94 ¼
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Soybeans
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-.27 ½
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15.32 ½
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8.18 ½
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Wheat
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-.15 ½
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8.66 ½
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6.06
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Cattle
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No chg.
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95.58
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87.98
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Hogs
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+4.08
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77.18
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74.80
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Cotton
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+.04
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71.67
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56.58
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Weekly Comments: Corn futures started the week strong amid concerns over Midwest flooding, but suffered
a moderate setback the second half of the week as a drier weather pattern and
overbought conditions spurred speculative profit taking. Growing indications
that high prices are rationing supplies also weighed on prices. Soybean
futures also retreated late in the week under pressure from Midwest weather and an easing of tensions
between Argentine farmers and their government. Wheat futures found support
early in the week from Plains harvest delays, but could not maintain their
rally when corn futures turned lower. While nearby cattle
futures held steady, deferred contracts registered further strong gains on
commodity fund buying spurred by expectations for rising feed and fuel prices
to force cattle and beef prices higher. Lean hog futures also surged
higher on firming cash market fundamentals and expectations for higher feed
costs to result in higher hog prices next year. Cotton futures started the
week strongly on support from technical buying and Texas crop problems, but turned lower
along with the grain markets at midweek. Poor export sales helped spur speculative
profit taking.
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