The short-covering that supported corn and wheat futures the final trading sessions of 2016 carried over into the new year. Wheat futures led the corrective gains as a drop in winter wheat crop ratings during December and bitterly cold temps sparked some concerns with the U.S. winter wheat crop. Wheat and corn futures were also supported by positioning ahead of index fund re-balancing this week that will see these long-only funds add more corn and wheat positions. Soybeans posted losses for the week as funds reduced some of their long exposure given poor weekly export sales.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures were hit with profit-taking, which caused the market to roll over and signal a short-term top is in place following the extended price recovery. The hog market also faced price pressure, though futures remained in the consolidation range outlined by the mid-December high and the Hogs & Pigs Report reaction low.
We take a detailed look at the H&P Report -- and much more -- in this week's Pro Farmer newsletter.