Corn and soybean futures worked higher this week despite steady crop condition ratings, favorable weather and expectations for record crops. Strong export demand remains price-supportive for both markets. Combined old- and new-crop export sales for the week ended Aug. 11 totaled 1.776 million metric tons (MMT) for soybeans and 1.210 MMT for corn. In addition, USDA announced daily export sales of 71,000 metric trons (MT) of soybeans and 101,600 MT of corn. Wheat futures also worked higher, led by HRS futures, as funds covered some of their big net short position.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
The cattle market posted losses this week as the corrective buying came to an end and futures rolled over, signaling a short-term technical top is in place. Lean hog futures managed modest corrective gains in volatile trade this week, as traders covered short positions and narrowed the big discount futures hold to the cash market.
We take a detailed look at gathering ground truch data from across the Corn Belt-- and much more -- in this week's Pro Farmer newsletter.