Corn futures extended their price recovery from the early January lows this week. While buyer interest is limited to short-covering, the fact corn stood up to the rout in outside markets and the fact funds are still heavily short corn could pave the way for additional corrective gains near-term. An anticipated pickup in farmer sales as prices rebound, however, likely limits the upside. Be prepared to advance old-crop sales and start new-crop marketings when the corrective recovery shows signs of stalling. Corrective buyer interest was lighter in the soybean and wheat markets. If corn continues to push higher, both are likely to follow, though neither is likely to lead a correction.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures posted weekly gains amid short-covering as recent heavy selling in the U.S. stock market and other outside markets eased late-week. Lean hog contracts built their premium to the cash market as futures outpaced cash gains. Funds remain content buyers of hog futures.
We take a detailed look at the upcoming Pro Farmer Leading Edge Conference in Omaha on February 15-16 -- and much more -- in this week's Pro Farmer newsletter.