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Comments: Grain and soybean futures continued to rally as Supply concerns remained the dominant market factor in the wake of the Jan.
11 USDA reports that indicated tighter-than-expected old-crop stocks.
Supply concerns received a further boost from dry weather in Argentina and forecasts for continued drought in the U.S.
Plains and western Corn Belt.
Commodity fund buying spurred by technical strength also boosted prices along with favorable U.S.
and Chinese economic data.
Soybean futures found added support from indications both domestic and export demand remain strong.
Livestock futures were widely mixed last week as live cattle futures fell off a cliff under pressure from softer-than-expected cash cattle prices and heavy commodity fund long liquidation spurred by technical weakness.
Losses were extended on demand concerns after Cargill announced it would close its Plainview, Texas beef processing plant as of Feb.
1.
Front-end lean hog futures, meanwhile, rallied on firm Midwest cash prices and tightening hog supplies.
Cotton futures had a strong week on support from good export sales, Chinese cotton stockpiling and a weaker dollar.
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