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July 11, 2011
In the News
Available in August...the new text book: ProSelling by Purdue Drs. Scott Downey, Dave Downey, Laura Downey and Adayana's Mike Jackson. For more information, including a pre-press discount, click here.
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
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Nearby Futures | Weekly Change | Friday's Close | Year Ago |
Corn | +.31 ½ | 6.72 ¼ | 3.77 ½ |
Soybeans | +.29 ¾ | 13.52 | 10.12 ½ |
Wheat | +.66 | 6.50 ½ | 5.34 |
Cattle | +1.80 | 114.65 | 90.90 |
Hogs | +.38 | 95.88 | 78.88 |
Cotton | -5.00 | 111.58 | 77.29 |
Milk | +.35 | 21.00 | 13.56 |
Crude Oil | +1.26 | 96.20 | 75.44 |
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Comments: Grain and soybean futures rebounded last week with the corn market finding support from short covering spurred by Chinese buying of U.S. corn and concerns about hotter, drier weather moving into the U.S. Midwest. The corn futures recovery was technically weak, though, as it came on the lowest trading volume since last December. Soybean futures were supported by weather concerns as well as by lower-than-expected U.S. acreage. Speculative profit taking spurred by oversold market conditions and fresh export business boosted wheat futures, but the return of Russia to the export market limited wheat price strength. Livestock futures were boosted by optimism about strong export demand for U.S. pork and beef. Live cattle futures also found support from higher Plains cash trade and expectations for cattle supplies to tighten significantly in coming months, but hog futures gains were limited by weaker cash markets. Cotton futures were pressured by renewed concerns about Chinese demand following China's third interest rate hike of 2011.
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