The grain markets faded this week, on ideas that the 2001 crop would probably be good and big. For the week, wheat prices were a quarter cent higher, but corn futures closed down nine to ten cents. Soybeans are now dropping into new low territory, backing off six to 15-cents. But, Soybean meal actually finished forty cents higher per ton. Cotton futures were down $1.08.
In livestock, fed cattle futures were $1.55. Feeder cattle were 22-cents higher. The lean hog contract finished the week 50-cents higher. In the financials, COMEX gold gained $4.70 an ounce. The Euro closed the week 117-basis points higher against the dollar. And, the CRB index finished the week gained more than one-and-a-half points higher to close at 216.
The grain markets faded this week, on ideas that the 2001 crop would probably be good and big.