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Weekly Comments: Fears of a global recession remained the dominant factor across
agricultural futures markets last week as the global credit crunch continued
and selling in world stock markets reached panic levels. Falling crude oil
prices and a stronger U.S. dollar kept commodity index funds liquidating long
positions across the agricultural markets. Further pressure on corn and soybean
prices came from the larger-than-expected USDA estimates of 2008 U.S. production and ending stocks
released on Friday. Wheat futures also felt added pressure from larger-than-expected
U.S. and world ending
stocks as USDA again raised its record world crop estimate.Live cattle futures were
crushed by a combination of fund liquidation and bearish fundamental
news. Recession fears helped spur feedlots to dump hedged cattle at sharply
lower prices in Plains cash markets. Lean hog futures also continued to come
under heavy pressure from demand concerns as the composite pork cutout fell
$4.29 on the week.
