Be sure to attend the upcoming NAMA Conference & Trade Show. Go to www.nama.org. Exhibit space is still available. For more information contact Judy Knoll at 636/728-1428 ext 2002; JudyK@AgriMarketing.com
Comments: Grain and soybean futures turned higher last week on speculative short covering spurred by oversold market conditions, firming cash prices and Lower USDA carryout estimates for corn and soybeans. Renewed strength in crude oil prices and world stock markets also helped spur general fund buying of commodities. Soybean futures led the grains higher as winter weather slowed cash soybean movement and processor demand remained strong. Good crop weather in South America remained a negative market factor along with ample U.S. feed grain supplies. Live cattle futures received a big boost from Mother Nature as poor feedlot conditions helped push Plains cash cattle prices $2-$3 higher. Lean hog futures were also led higher by firm cash prices as hog marketings continued to be slowed by poor feed performance resulting from the low quality of this year's corn crop. Cotton futures rocketed higher on a lower USDA carryout estimate for 2009-10, technical buying and economic optimism. Click on the Brock logo or call 1-800-558-3431 for more info on our services.
