Corn, Bean Prices Headed in Opposite Directions

Posted on 03/09/2017 10:23 AM

Corn futures had a sharp negative reaction to USDA's Prospective Plantings Report, which resulted in new contract lows. With the market reeling amid prospects for way more supplies than previously expected, it's likely going to take a weather event for the market to embark on a sustained price recovery. Soybean futures extended gains from the early March lows. While technical price action is strong and April is typically a positive month for soybeans, the corn market could be an anchor. Wheat futures also ended higher after a volatile week of trade, as traders weighed poor fundamentals against weather concerns.

Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:

Cattle futures extended their pullback from the mid-March highs, which put pressure on cash cattle prices. Lean hog futures initially had a friendly reaction to the Hogs & Pigs Report, but futures plunged late-week as traders narrowed their premium to the cash index.

We have highlights from USDA's Prospective Plantings Report -- and much more -- in this week's Pro Farmer newsletter.

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