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October 6, 2008
In the News
Be sure to register for this Friday's Webinar "The Impact of the Credit Crunch on Agri-Marketers". See below for details.
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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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-.89
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4.54
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3.44 ½
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Soybeans
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-.1.72
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9.92
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9.51
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Wheat
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-.55 ¾
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6.40 ¼
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9.27
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Cattle
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-.5.35
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95.60
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95.10
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Hogs
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-3.20
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66.43
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58.68
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Cotton
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-2.45
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55.61
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63.00
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Weekly Comments: Grain and soybean futures collapsed to their lowest levels
of 2008 as fears of a global economic recession continued to build,
overshadowing supply and demand fundamentals. Index fund liquidation spurred
by falling crude oil prices and a strengthening dollar was a major negative
influence on prices again. Building harvest pressure also weighed on corn and
soybean prices as demand from end users remained slow. Live cattle futures
also crashed on further fund liquidation and a $3-$4 drop in Plains cash cattle
prices amid growing concerns about the economy and beef demand. Lean hog
futures also caught up in the latest round of economic panic and felt
fundamental pressure from large hog supplies and falling pork prices. Cotton
futures continued to dive under pressure from fund long liquidation and slack
demand from end.
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