Corn, soybean and wheat futures faced followthrough selling this week after a late price reversal last week. Speculative money flow continued to have a major influence on price action. Funds liquidated long positions in the corn and soybean markets, while the short-covering that fueled gains in wheat futures into mid-month dried up. Despite this week's price pressure, established uptrends remain intact, though they are being challenged. A bounce off uptrending support could fuel a fresh wave of buying, but violation of the uptrends would likely trigger more chart-based selling.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures surged initially on technical-based buying after a gap-higher start to the week and sharply higher cash cattle prices, but all of those gains were erased by sharp corrective selling today. Hog futures plunged sharply, extending the discount April hogs hold to the cash market and dropping June hogs below the cash index.
We look at USDA's Outlook Forum highlights -- and much more -- in this week's Pro Farmer newsletter.
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