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November 3, 2014
In the News
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
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Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +.23 ¾ | 3.76 ¾ | 4.28 ¼ |
| Soybeans | +.69 | 9.77 ½ | 12.80 ¼ |
| Wheat | +.14 ¾ | 5.32 ½ | 6.67 ½ |
| Cattle | -.85 | 166.05 | 132.73 |
| Hogs | -2.22 | 88.03 | 89.18 |
| Cotton | +.64 | 64.45 | 77.18 |
| Milk | +.46 | 21.25 | 18.79 |
| Crude Oil | -.47 | 80.54 | 96.38 |
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Comments: Corn and soybean futures accelerated higher last week as a supply squeeze in the U.S.
cash market sent soybean meal prices soaring.
The supply squeeze and technical strength sent commodity funds scrambling to cover a large short position in soybean futures.
A slow start to harvest combined with U.S.
rail transportation backlogs, producer reluctance to sell at low prices and aggressive export bookings appear to have created a bullish “perfect storm” in the meal market in the short-term.
Corn futures found added support from slow farmer selling in cash corn market, a big weekly ethanol production number and continued fund short covering.
Wheat futures were supported by ongoing worries about Russia's 2015 crop prospects, as well as by lower estimates of Australia's 2014 crop, but gains were limited by slowing export demand for U.S.
wheat.
Livestock futures were mostly weaker with live cattle futures pressured by speculative profit taking spurred by weaker Plains cash trade.
Lean hog futures remained under pressure from seasonal weakness in cash hog/wholesale pork prices as concerns about the U.S.
PEDv outbreak continued to fade.
Cotton futures were boosted by speculative profit taking and stronger export sales, but a late week surge in the value of the dollar capped gains.
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