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March 21, 2011
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 | +.24 | 6.83 | 4.21 ½ |
Soybeans | +.36 | 13.62 | 9.62 |
Wheat | +.275 | 7.23 | 5.76 |
Cattle | -5.48 | 111.65 | 98.30 |
Hogs | +.17 | 88.32 | 72.42 |
Cotton | -5.82 | 199.12 | 76.14 |
Milk | -3.26 | 16.39 | 14.20 |
Crude Oil | -.08 | 101.07 | 83.52 |
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Comments: Grain and soy futures staged a strong rebound late last week. Bargain hunting after the recent pullback gave the corn market stability, then reports China was buying U.S. corn turned prices sharply higher. The soybean market was lifted by a pair of bullish factors: Heavy and persistent rains during the Brazilian harvest have taken the top off what was expected to be a record-large crop. Then on Friday, a soybean plantings estimate from a private firm came in 2.1 million acres smaller than the 2010 acreage total. Wheat futures dropped the furthest from February highs, but low yield expectations in the western and southern U.S. Plains limit the downside from current price levels. Concerns about how the earthquake and tsunami would impact pork exports to Japan undercut hog futures early last week until it became clear the Japanese will probably need to import even more pork during the recovery. Cattle prices have backed away for record highs due to concerns extremely high retail beef prices have slowed product movement.
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