Funds continued to pile money into the long side of the soybean market early this week. Aggressive bull spreading pushed lead-month soybean futures to their highest level since last summer. But active profit-taking replaced the buying at week’s end. While soybeans still posted strong gains for the week, chart action signaled a top.
Corn futures followed the soybean market higher early in the week and lower late in the week. That resulted in little net weekly change for corn futures. Wheat futures managed gains for the week, but late-week price action suggests the corrective recovery has run its course.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures sharply extended their price slide despite a major discount to the cash market. While the downside is overdone, futures appear headed toward a test of their winter contract lows. Lean hog futures rebounded as the corrective pullback ended and buyers returned. The cash hog market finally started showing a little of the expected seasonal price strength.
We dip deeper into the soybean rally and provide a weather update -- and much more -- in this week's Pro Farmer newsletter.