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July 7, 2014
In the News
The next issue of Agri Marketing will include its annual Ag/Rural Show Guide...plus a Salute to the Ag Media Summit. For more information, contact Audrey Evans at AudreyE@AgriMarketing.com or call 515/954-8589
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
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Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -.26 | 4.17 | 6.78 ¼ |
| Soybeans | -.44 ¼ | 13.87 ¾ | 15.83 ½ |
| Wheat | -.17 ¼ | 5.68 | 6.57 ¾ |
| Cattle | +3.87 | 155.00 | 121.95 |
| Hogs | +.83 | 131.73 | 101.63 |
| Cotton | -4.67 | 76.22 | 84.39 |
| Milk | +.04 | 21.38 | 17.20 |
| Crude Oil | -1.68 | 104.06 | 101.24 |
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Comments: Grain futures accelerated lower last week and soybean contracts joined in the bearish action after Monday's USDA Crop Acreage and Grain Stocks reports provided bearish fundamental news.
Most of the losses were charted on Monday, with prices then consolidating ahead of the July 4 holiday.
The most bearish number was no doubt USDA's estimate of U.S.
soybean plantings at 84.8 million acres, up 3.3 million from the March planting intentions, which sent soybean futures plummeting roughly 40-70 cents on Monday.
Corn acreage was little changed from the March intentions, which reinforced potential for a huge crop.
USDA's June 1 corn and soybean stocks estimates were also toward the high side of expectations adding to the pressure on nearby prices.
Wheat futures were pounded to new long-term lows by larger-than-expected spring wheat acreage and corn futures losses.
Livestock futures again moved the opposite direction from the grain contracts with lean hog futures boosted by USDA's lower-than-expected June 1 hog inventory numbers and strong cash hog/pork prices.
Nearby live cattle futures followed surging Plains cash prices higher, while deferred contracts also rose again amid prospects for cattle supplies to tighten further in coming months.
Cotton futures continued to dive after USDA raised its U.S.
plantings forecast and further beneficial rains moved through key Texas cotton growing areas.
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