Front-month soybean futures briefly topped the $10.00 mark Jan. 25 before profit-taking and a pickup in farmer selling caused the market to pull back. While soybeans still posted solid gains for the week, the late-week pressure signals Argentine weather concerns likely need to escalate to sustain trade above the week’s highs. Corn futures firmed on short-covering, but a pickup in farmer selling also capped gains in that market. Wheat traders used the plunge in the U.S. dollar index as a reason to cover short positions. Winter wheat contracts led the corrective gains in the wheat market.
Pro Farmer Members have access to the full newsletter at this link.
Live cattle futures rallied sharply early in the week, but a major pullback Jan. 25 trimmed gains for the week, as traders were hesitant to push futures too far in front of the cash market. February hog futures firmed as traders narrowed their discount to the cash index. But the premium deferred hog futures hold to the cash index weighed slightly on those contracts.