Corn futures faced heavy selling this week as rains and milder temps moved into the Corn Belt and funds actively liquidated long positions. In five days, December corn futures retraced more than 75% of their strong two-and-a-half month rally. Soybean futures also posted sharp losses, though the market held up much better than corn. Wheat futures plunged to new contract lows in winter wheat markets on seasonal pressure as harvest activity ramped up and amid strong yields in the Southern Plains.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures dropped to new contract lows early this week before staging a corrective rebound that was halted by the outside market turmoil related to the United Kingdom's vote to leave the European Union. Cattle futures ended moderately lower for the week. Hog futures plunged as funds trimmed their long exposure. Much of the premium summer-months hogs held to the cash market has been removed.
We have the results of our Member acreage survey -- and much more -- in this week's Pro Farmer newsletter.