Late-Week Corrective Trade Hits Soybeans

Posted on 03/09/2017 10:23 AM

Old-crop soybean futures were little changed for the week and new-crop futures posted weekly losses amid profit-taking and long soybean/short corn spread unwinding the second half of the week. Despite the corrective selling, soybean futures paused just below the May 10 highs as traders decide whether to pull the market back or push futures the next leg higher. Corn futures tried to work higher amid spreading and strong export demand, but the late-week pressure on soybeans pulled corn to near unchanged for the week. Wheat futures posted weekly losses as generally favorable weather is boosting the HRW crop.

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Cattle futures posted sharp weekly losses and maintained their steep discount to the cash market. Lean hog futures were hit with liquidation pressure and a narrowing of their premium to the cash market.

We take a detailed look at an extensive report from the National Academies of Sciences on genetically modified crops -- and much more -- in this week's Pro Farmer newsletter.

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