Today's Crop Production Report featured corn, soybean and wheat estimates that were all higher than anticipated. But there was a bullish surprise, as USDA's old-crop soybean carryover estimate was slashed more than anticipated. That helped ease pressure from the bearish crop estimates. Strong export demand news also helped ease selling pressure in the soybean market. In fact, soybeans were working on modest gains for the week. Corn futures dropped to new contract lows this week, but were trading well off their post-report lows. Wheat futures were choppy and ended near unchanged.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
The corrective price recovery in cattle futures stalled, as traders waited to see if the cash cattle market would extend its gains from the two previous weeks. Lean hog futures were choppy this week. The big discount to the cash market limited selling, but buying was curbed by continued pressure on the cash hog market.
We take a detailed look at USDA's August Supply & Demand Report-- and much more -- in this week's Pro Farmer newsletter.