Corn and soybean markets were volatile as market participants flipped positions based on the latest weather forecast. The end result was very little net change in prices for the week. We anticipate more near-term volatile trade as the weather pattern is expected to remain unsettled. With corn and soybean crop ratings running above normal, it's going to take an extended period of hot and dry weather to fuel sustained buyer interest. Wheat followed the corn and soybean markets, though price action wasn't quite as volatile. While seasonal pressure should start easing as winter wheat harvest moves past three-quarters next week, wheat will remain a follower.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures were also choppy and were slightly lower as traders remain content to keep futures at a deep discount to the cash market. Lean hog futures extended their price drop as cash hog bids continued to soften from their seasonal peak.
We take a detailed look at the July Supply & Demand Report-- and much more -- in this week's Pro Farmer newsletter.