The corn market had been leading the price recovery in grain and soy futures from their late-summer lows, but that has changed. Soybeans took over as the leader to the upside on support from continued strong export demand. While funds continue to defend long positions, open interest in soybean futures declined, signaling the price strength was not due to new buying. Corn futures managed slight gains on the week as futures consolidated just above old resistance levels, but open interest increased, suggesting the price strength was more than just fund short-covering. Wheat futures ended lower this week despite strength in the soybean and corn markets.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures gaped higher following USDA's friendly Cattle on Feed Report, which triggered short-covering. Hog futures were also supported by corrective buying as traders covered short positions and narrowed futures' discount to the cash index.
We take a closer look at South America crops -- and much more -- in this week's Pro Farmer newsletter.