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Comments: Concerns about tight old-crop supplies dominated the corn and soybean markets last week, overshadowing a strong dollar and concerns about the potential negative economic impact of the U.S.
budget sequester.
Old-crop corn futures surged to strong gains on signs of increased demand and a continued lack of producer selling in U.S.
cash markets.
Old-crop soybean futures held firm despite pressure from good harvest progress in Brazil and improved soil moisture in parts of Argentina.
New-crop contracts struggled due to prospects for record U.S.
production amid improving moisture conditions in the Midwest.
Wheat futures found support from speculative short covering spurred by oversold market conditions, but struggled to gain any ground as the second major winter storm in less than a week boosted moisture conditions in the U.S.
Plains.
Livestock futures were mixed with live cattle contracts boosted by stronger cash cattle prices as beef prices amid tightening cattle supplies.
The severe weather in the Plains also led to cattle weight losses.
Lean hog futures stabilized, but remained under pressure from demand concerns spurred by weak wholesale pork prices and a strong dollar, which dimmed U.S.
export prospects.
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