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Comments: Grain and soybean futures bounced back last week as traders turned their attention back to U.S.
supply/demand fundamentals.
Friday's USDA reports confirmed tight U.S.
corn and soybean supplies and indicated stronger demand for corn, soybeans and wheat than was previously estimated.
Dec.
1 U.S.
corn stocks came in below trade expectations, boosting concerns about old-crop supplies, while new-crop corn contracts remained under pressure from potential for a record 2013 crop.
Larger projected soybean usage offset a further 44-million-bushel increase in U.S.
soybean production.
Wheat futures saw a boost from both a lower-than-expected old-crop carryout estimate and smaller-than-expected U.S.HRW wheat seedings.
The lower acreage will make the wheat market more sensitive to poor crop conditions in the U.S.
Plains.
Livestock futures had a rough week with live cattle futures pressured by larger market-ready cattle supplies and weaker Plain cash prices.
Lean hog futures set back on concerns about demand as packer operating margins remained negative.
Cotton futures rallied on support from a weaker dollar and lower USDA forecast for U.S.
ending stocks.
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