Corrective rebounds in the U.S. stock market and crude oil futures supported grain and soy markets this week. With macroeconomic headwinds easing for now, grain traders focused on covering short positions. That allowed corn, soybean and wheat futures to post modest corrective gains for the week. Corn futures were also supported by a pickup in export demand activity. But favorable growing conditions in South America and hefty global feedgrain and oilseed supplies continue to hang over the markets, limiting near-term upside potential unless funds actively cover short positions. Funds may lighten their short stance some, but in the current environment, there's no reason for them to abandon their short stance.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures posted strong gains amid the easing of macroeconomic headwinds. Lean hog futures faced profit-taking as they continue to trade counter to "outside" markets.
We take a detailed look at weather -- and much more -- in this week's Pro Farmer newsletter.