Wheat futures faced the most price pressure as grain and soy futures softened this week. Beneficial precip across much of U.S. winter wheat country weighed on the market. Traders ignored weakness in the U.S. dollar, as U.S. wheat prices are still well above the competition. Corn futures also failed to find support from the dollar weakness, as traders took profits following recent corrective gains off the January lows. Generally favorable South American weather weighed on both the corn and soybean markets. Conditions have improved in recent weeks across much of Brazil and dry areas of Argentina are in line for timely rains.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
The cattle market strengthened this week despite the Cattle Inventory Report showing the U.S. cattle heard is building at a greater-than-expected pace. Wintry weather supported cattle futures since they hold no premium to the cash market. Hog futures paused following recent strong gains.
We take a detailed look at USDA's twice-yearly Cattle Inventory Report that showed the U.S. cattle herd has expanded slightly more than anticipated and will continue to grow -- and much more -- in this week's Pro Farmer newsletter.
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