Corn and soybean futures accelerated their sharp declines from the mid-June highs coming out of the July Fourth holiday. Corn futures dropped to new lows and soybeans fell to their lowest level since late May amid generally favorable weather conditions across much of the Midwest and active fund liquidation. With funds still long both markets, there's risk of more near-term price pressure if forecasts remain non-threatening. Wheat futures followed the other markets lower. With harvest ongoing and winter wheat yields remaining strong, especially in the Plains, wheat is at risk of additional price pressure until the corn market bottoms.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Live cattle futures showed little net movement in choppy post-holiday price action. Traders remain content to keep futures at a big discount to the cash market. Lean hog futures faced continued heavy fund liquidation. August lean hogs are now nearly $3 below the cash index.
We take a detailed look at summer weather impacts on 2016-17 carryover levels and prices -- and much more -- in this week's Pro Farmer newsletter.