The volume of report data out Jan. 12 meant traders had to choose where to focus. The choice for soybean traders was easy as the final 2016 crop estimate, 2016-17 carryover and Dec. 1 stocks were all lower than expected. While the numbers weren't bullish per se, they were better than expected, which along with concerns with too much rainfall in central Argentina, fueled a strong late-week price rally in soybean futures that resulted in hefty gains for the week. The data was more of a mixed bag for the corn and wheat markets and choppy price action resulted in very little net movement for the week.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures endured a volatile week of price action. Big early week gains were met with late-week profit-taking. Hog futures firmed as firming cash hog bids gave traders confidence to keep nearby futures at a comfortable premium to the cash index.
We take a detailed look as big crops don't always get bigger-- and much more -- in this week's Pro Farmer newsletter.