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September 8, 2008
In the News
Entries for AgriMarketing magazine's 2008 Product of the Year are due this Friday. Details can be found in the "Listing Forms" tab at www.AgriMarketing.com Last year's winner was Ethanol, submitted by EPIC.
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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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-.36 ¾
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5.31 ½
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3.28 ¾
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Soybeans
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-.98
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12.34
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8.89
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Wheat
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-.49 ½
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7.29 ¾
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8.24 ½
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Cattle
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-1.10
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102.95
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97.05
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Hogs
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+1.00
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69.43
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65.90
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Cotton
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-4.27
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67.53
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58.34
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Weekly Comments: Grain and soybean futures were hit
by a new round of commodity fund long liquidation last week amid renewed weakness
in crude oil futures and continued strength in the value of the dollar. The
absence of any major hurricane damage to Gulf oil/gas facilities sent crude
oil prices into a tailspin coming out of the holiday weekend and concerns
about the health of the general world kept commodity markets on the defensive
the rest of the week. Favorable Midwest rains added fundamental pressure on
corn and soybean prices. Wheat futures came under increased fundamental
pressure from ample world supplies following Labor Day weekend rains in Australia. Live cattle futures were pressured by the general wave of fund selling and by concerns
about beef demand spurred by weak economic data. Lean hog futures found
modest support from speculative profit taking spurred by oversold conditions
and front-end futures wide discount to cash. Cotton futures collapsed under
pressure from weakness in outside markets and general economic woes.
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