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July 6, 2010
In the News
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
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Nearby Futures | Weekly Change | Friday's Close | Year Ago |
Corn | +.23 ½ | 3.64 | 3.45 ¾ |
Soybeans | +.05 ¾ | 9.62 ¾ | 12.43 |
Wheat | +27 ¾ | 4.84 | 5.00 ¼ |
Cattle | +0.13 | 89.48 | 84.88 |
Hogs | -2.55 | 78.20 | 59.98 |
Cotton | -3.08 | 81.64 | 65.42 |
Milk | +.06 | 13.51 | 10.52 |
Crude Oil | -6.72 | 72.14 | 66.26 |
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Comments: Corn futures reversed direction sharply after Wednesday's USDA reports pegged both 2010 corn plantings and June 1 corn stocks below trade expectations. The June 1 stocks figure was the real shocker as it came in 300 million bushels below the average of trade expectations. Wheat futures rallied sharply even though the USDA reports held bad news for the market. Concerns about a heat wave across Western Europe and Russia combined with the strength in corn prices triggered heavy fund short covering in the wheat market. Soybean futures were supported by tight old-crop stocks and the surge in grain prices, but new crop prices lost ground on improving crop conditions. Livestock futures were pressured by economic concerns amid sharp losses in U.S. stock markets, but live cattle futures held firm on talk of a cash market bottom. Cotton futures plunged on a higher-than-expected USDA estimate of 2010 plantings and economic concerns.
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