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 | presents WEEKLY COMMODITY HIGHLIGHTS |
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Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -.13 ¼ | 3.87 | 4.28 |
| Soybeans | -.60 ½ | 9.91 ¾ | 13.15 |
| Wheat | -.31 | 5.32 | 5.72 ¾ |
| Cattle | -6.15 | 154.15 | 140.15 |
| Hogs | -4.53 | 74.50 | 86.88 |
| Cotton | -1.53 | 59.23 | 86.19 |
| Milk | +.04 | 16.01 | 20.91 |
| Crude Oil | +.33 | 48.69 | 94.99 |
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Comments: Grain and soybean futures took it on the chin last week with ample U.S./World supplies putting increasing downward pressure on prices as weaker forecasts for world growth and a strong U.S.
dollar helped spur demand concerns across most commodity markets.
Technically-driven fund selling also boosted pressure on prices.
Corn futures were supported by indications of solid export demand, but pressured by rising U.S.
ethanol stocks amid faltering demand for the biofuel.
The collapse of the euro to an 11-year-plus low against the dollar boosted wheat market demand worries, while news on Friday of Chinese export cancellations heightened demand concerns in the soybean market.
Corn and soybean futures also felt pressure from forecasts for needed rains across Brazilian growing areas this week.
Livestock futures suffered even more than grain futures from demand concerns and speculative long liquidation/selling with live cattle futures falling 3.8% on the week and lean hog futures dropping 5.7%.
Nearby lean hog futures hit a 27-month low as cash hog and wholesale pork prices continued to weaken amid ample hog supplies.
Live cattle futures fell despite strong wholesale beef prices as long liquidation snowballed and feedlots sold hedged cattle for sharply lower prices in the cash market.
Cotton futures were not immune to the pressure from a weakened world economic outlook and a strong dollar, although they found some support from strong weekly export sales.
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