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August 4, 2008
In the News
The Agricultural Media Summit held last week was a tremendous success with record attendance. Congratulations to its organizers, attendees, presenters, award winners and exhibitors. Next year's Summit will be held in San Antonio, TX.
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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 ¼
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5.65
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3.19
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Soybeans
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-.41
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13.57 ¾
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8.25 ¾
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Wheat
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-.17
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7.94
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6.36
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Cattle
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+2.20
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100.03
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93.43
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Hogs
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+2.98
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81.58
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72.33
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Cotton
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-2.37
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69.31
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62.15
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Weekly Comments: Corn and soybean futures found support early in the week
from speculative profit taking and hotter weather forecasts. However, both
markets came under renewed pressure when it became apparent the heat wave
would be short lived. Fresh fund liquidation spurred by renewed weakness in
crude oil futures also contributed to a late week price collapse. Wheat futures slid
under pressure from weak corn prices and large world wheat supplies with
strong export demand limiting the losses. Live cattle futures rallied on indications
a seasonal low had been reached in the cash market
amid tightening fed cattle supplies. Oversold conditions also spurred
speculative short covering. Nearby lean hog futures
pushed higher again on strong cash fundamentals including record-high
wholesale pork prices, while deferred hog contracts were pressured by grain
and energy price weakness. Cotton futures were pressured
by renewed fund long liquidation amid a lack of supportive fundamental news.
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