Wheat, corn and soybeans took turns in the driver’s seat this week as a rally fueled by weather worries and intensified fighting in the Middle East and Black Sea gained momentum. HRW and SRW wheat futures notched contract highs on Black Sea shipping disruptions before hitting end-of-week profit taking. Corn traded to a two-month high as forecasts pointed to continued dry conditions in part of the western Corn Belt, while soybeans hit a contract high on export demand, weather worries and surging crude prices that are seen lifting biofuel demand. Cattle futures consolidated after recent speculative selling ahead of key reports, while lean hog futures remained supported by firm cash and wholesale fundamentals. We cover all these topics and more in this week’s newsletter.
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(ProFarmer)