Grain and livestock markets participated in a general upswing in commodity prices this week. While it's premature to say the commodity world has turned the corner, traders are lightening their short exposure. With funds short just about everything commodity-wise, the corrective buying could extend. A rise in the Brazilian real gave soybean traders a "reason" to push November soybeans up to $9.00 by week's end. Wheat futures were supported fundamentally by dryness in the Plains and forecasts calling for cold temps across the central U.S. March 17-24. Corn remains a follower.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures posted strong gains and continued strength in Choice boxed beef prices. Strength in wholesale beef prices has traders anticipating spring beef features. Lean hog futures extended their uptrend amid firming cash prices, tightening market-ready supplies and hopes for a pickup in demand as spring starts.
We look at U.S. carryovers mostly unchanged, global stocks lowered -- and much more -- in this week's Pro Farmer newsletter.