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December 3, 2012
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 | +.02 ½ | 7.48 | 6.01 ¼ |
Soybeans | +.20 | 14.38 ¾ | 11.31 ¼ |
Wheat | -.03 | 8.44 ¾ | 5.95 ¾ |
Cattle | -2.20 | 126.75 | 121.60 |
Hogs | +1.60 | 84.08 | 88.18 |
Cotton | +2.82 | 72.65 | 90.31 |
Milk | -.47 | 19.74 | 18.43 |
Crude Oil | -.65 | 88.91 | 100.36 |
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Comments: Last week was a choppy one for grain and soybean futures amid month-end positioning by funds and investor concerns about the U.S.
fiscal cliff.
With the year winding down, price action may stay choppy with trading volume likely to stay low through the year-end holidays.
Soybean futures managed to rally further on fresh Chinese demand and jitters about South American production.
Corn futures started the week strongly on support from tight U.S.
supplies, but gave back their early gains on pressure from poor weekly export sales and unexpected deliveries against Dec.
futures.
Wheat futures were also strong most of the week on rising concerns about a worsening drought in the U.S.
Plains, but collapsed on Friday as deliveries against CBOT Dec.
futures came in much higher than expected.
An erroneous CBOT report contributed to the surprise.
Livestock futures swung in opposite directions with live cattle futures reversing the previous week's gains as Plains cash markets turned lower on pressure from negative packer operating margins.
Lean hog futures, on the other hand rallied on seasonal cash market strength and expectations for tightening supplies.
Cotton futures rebounded on support from strong export sales and a weaker dollar.
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