Soybean futures led declines in the grain markets this week. Even though USDA trimmed its U.S. soybean carryover peg this week, the big picture remains bearish for soybeans. USDA raised its corn carryover projection, but seasonal and cyclical studies lead us to believe the downside is limited. Wheat futures posted losses for the week despite the fact the first condition ratings of the spring reflect deterioration in the crop through the winter.
Price action in the livestock markets was also volatile this week as USDA made some sharp price alternations to its 2015 forecasts. We take a detailed look at the USDA April Supply & Demand Report, including global factors, the weather -- and much more -- in this week's Pro Farmer newsletter.
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