Corn futures paused this week as the market caught its breath after rallying around 20 cent gains from the early January low and absorbed an increase in farmer selling. The ability of corn to keep from rolling over suggests the market may attempt another push higher near-term. Soybean futures posted losses as China canceled U.S. soybean purchases. But weekly losses were limited thanks to end-of-the-month short-covering to close out the week. Wheat futures were highly choppy amid conflicting reports on Russia's plans for its wheat export tax. For the week, wheat futures showed very little net change.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures firmed amid short-covering as traders faded USDA's negative Cattle on Feed Report and prepared for today's (Friday) Cattle Inventory Report. Hog futures continued their impressive climb higher and extended their premium to the cash index amid active fund buying.
We take a detailed look at the Congressional Budget Office's latest Budget and Economic Outlook for 2016-2026 -- and much more -- in this week's Pro Farmer newsletter.