Traders covered short positions in the corn market the final three trading days last week, which pushed corn futures higher and suggests the market may have forged a short-term low in the second half of November. With funds heavily short corn, additional corrective buying is possible, but bulls have a long row to hoe in the corn market. Soybean futures were choppy last week as traders took some profits out of the long side of the market, while balancing South American weather against demand news. Winter wheat futures rebounded from fresh contract lows early in the week, while spring wheat posted losses despite Friday's recovery.
Cattle futures faced heavy selling pressure Thursday and Friday despite firmer cash cattle prices, dropping futures well below the cash market. Lean hog futures firmed in anticipation of a seasonal low in the cash market, though traders don't want to get futures too far in front of the cash index.
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