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Comments: Wheat futures were the big mover in the grain/soybean complex last week, rising strongly on support from commodity fund technical buying and concerns about winter wheat conditions in the U.S.
and the Black Sea region.
Wheat gains were extended Friday on indications Russia's government might take action to slow wheat exports, which have been strong due to a weak ruble.
The strength in wheat prices helped underpin corn futures along with record high U.S.
weekly ethanol production, improved export sales and slow producer selling in U.S.
cash markets.
Soybean futures were firm the first part of the week, but were slammed with sharp losses on Friday amid favorable rains in Brazilian growing areas, improved planting conditions in Argentina and the sharp plunge in crude oil futures that followed OPEC's failure to reach agreement on a production cut.
Livestock futures had a rough week with lean hog futures pressured by lackluster wholesale pork prices and overbought market conditions.
Live cattle futures came under pressure from the year-over-year increase in the U.S.
feedlot inventory reported by USDA and from thin cash trade at steady to lower prices.
Cotton futures rebounded on support from technical short covering and some trade buying amid an absence of fresh bearish news.
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