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October 3, 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 | -.46 | 5.92 ½ | 4.95 ¾ |
Soybeans | -.79 | 11.79 | 11.06 ¾ |
Wheat | -.31 ½ | 6.09 ¼ | 6.74 |
Cattle | +5.32 | 122.15 | 96.70 |
Hogs | +5.45 | 93.38 | 77.78 |
Cotton | -1.28 | 98.71 | 104.18 |
Milk | -.55 | 17.44 | 16.62 |
Crude Oil | -.65 | 79.20 | 79.97 |
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Comments: It was yet another rough week for grain and soybean futures as commodity funds continued to liquidate long positions amid technical weakness and fears of another world recession. Friday's USDA Grain Stocks Report appeared to be the last straw for the battered markets as it showed the U.S. 2010-11 corn carryout to be 208 bushels larger than USDA's previous projection. Grain futures are now extremely oversold from a technical standpoint, creating potential for a price bounce ahead of the Oct. 12 USDA crop report, but building harvest activity should limit any near-term rebound. Livestock futures rallied strongly last week with live cattle futures leading the way on support from the smaller-than-expected Sept. 1 feedlot inventory and expectations for cattle supplies to continue tightening in coming months. Lean hog futures found support from stronger-than-expected cash markets and talk of continued Chinese buying of U.S. pork. Cotton futures followed the grain markets lower, but losses were limited by oversold market conditions and improved export sales.
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