In the News

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presents WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-.24 ¼	7.26	4.56 ¼
Soybeans	-.19 ½	14.16 ½	10.37 ¾
Wheat	-.29	7.01	7.06 ¾
Cattle	+3.65	118.45	96.90
Hogs	+1.45	87.25	77.38
Cotton	+3.71	110.30	90.37
Milk	-.14	18.92	16.29
Crude Oil	+.79	87.24	74.25

Comments: Grain and soybean futures suffered a setback last week amid fund liquidation of long positions driven by a strong dollar and position evening ahead of USDA's monthly crop production and supply/demand reports. Increasing harvest activity also weighed on corn and soybean prices. The jump in the value of the dollar, spurred by rising nervousness about European debt problems, cooled off inflation concerns and raised worries about export demand for U.S. crops. Today's U.S. crop report confirmed trade expectations for a 3% drop in estimated U.S. corn production, but raised soybean output by about 1%, which was a modest surprise. USDA slashed projected U.S. corn usage and unexpectedly cut projected wheat usage sharply, but with corn supply/demand conditions still very tight, the near-term downside for grain and soybean prices looks modest. Livestock futures were strong last week, with live cattle futures leading the way up on a $3-$4 jump in Plains cash prices. Lean hog futures were supported by a modest bounce in cash hog markets and speculative profit taking spurred by futures discount to cash. Reports that China will stockpile cotton helped boost cotton futures in the face of the dollar's surge. Click on the Brock logo or call 1-800-558-3431 for more info on our services.