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April 8, 2013
In the News
Congratulations to Novus' Thad Simons and Merial's Steve Vandeberg on receiving NAMA's highest honors. Here them speak at the annual NAMA Conference ...for more info go here. Follow Agri Marketing on Twitter.
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
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Nearby Futures | Weekly Change | Friday's Close | Year Ago |
Corn | -.66 ¼ | 6.29 | 6.58 ¼ |
Soybeans | -.43 | 13.69 ¾ | 14.34 |
Wheat | +.11 ¼ | 6.99 | 6.38 ½ |
Cattle | -2.87 | 126.03 | 118.33 |
Hogs | -.57 | 80.03 | 84.50 |
Cotton | -1.67 | 86.79 | 88.54 |
Milk | +.26 | 17.52 | 15.50 |
Crude Oil | -4.53 | 92.70 | 105.31 |
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Comments: The spotlight in the agricultural commodities markets was on corn and soybean futures again last week as they continued to slide under pressure from USDA's bearish March 1 stocks estimates and technical selling.
Added pressure on prices came from concerns the bird flu outbreak in China would undermine Chinese demand for soymeal and corn.
The situation in China is especially concerning for the soybean market with USDA projecting China to account for 65% of world soybean imports in 2012-13.
Wheat futures, in contrast, started out last week lower, but then rebounded on concerns about winter wheat crop weather in the U.S.
and Western Europe.
Reports of large purchases of U.S.
wheat by China and speculative wheat/corn spreading also helped prices bounce back.
Livestock markets had another rough week as concerns about beef and pork demand remained a dominant market factor, overshadowing stronger cash cattle and hog prices.
Those demand concerns surged again on Friday in the wake of the disappointing U.S.
employment report, which showed the U.S.
economy added much few jobs during March than analysts had expected.
Cotton futures were also pressured by new worries about the general economy and demand.
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