Late-Week Short-Covering in Grain and Soy Futures

Posted on 03/09/2017 10:24 AM

Traders covered short positions in the corn, soybeans and wheat markets the second half of the week. That resulted in solid weekly gains in the soybean and wheat markets, while corn was near unchanged for the week. The corrective rally in soybeans came despite a rise in some private South American crop estimates. Wheat futures were supported by dry weather in the Plains as the crop broke dormancy a couple of weeks earlier than normal, thus increasing near-term moisture needs. But winter wheat crop ratings are strong as of the end of February and the extended forecast calls for normal to above-normal rains in the Southern Plains.

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

Cattle futures posted weekly losses and showed signs of a short-term technical top this week despite expectations for steady to firmer cash cattle trade. Lean hogs were choppy as traders wait for the cash market to catch up to futures.

We look at some key last-minute decisions ahead for 2016-crop -- and much more -- in this week's Pro Farmer newsletter.

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