Corn and wheat futures posted gains this week and challenged their January high as funds were buyers amid a continued pullback in the U.S. dollar. While fundamental support is lacking, funds have moved to a net long position in the corn market. Large speculators are still notably short wheat, but have trimmed their short exposure. In the soybean market, funds continued to lighten their length amid improved South American weather, though futures finished well off their weekly lows.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures gaped lower Jan. 30 in reaction to the negative Cattle on Feed Report. But surprisingly, futures rebounded to move into that chart gap by week's end despite the Cattle Inventory Report showing more expansion than anticipated in the U.S. cattle herd. Hog futures strengthened, led by the lead February contract, on support from firming cash hog bids and a belly-fueled pork cutout.
We look at the U.S. cattle herd being bigger than expected -- and much more -- in this week's Pro Farmer newsletter.