Corn and wheat futures rallied to their highest levels since mid-summer early this week, as speculative money actively flowed into the long side of both markets. But the fund buying dried up by late in the week and futures reversed course for lower weekly closes. We took advantage of strong price gains to boost old-crop wheat sales Feb. 15, prior to the sharp price reversal. Soybean futures also posted losses this week after earlier gains. Funds lightened some of their net long position in that market amid expectations the export window for U.S. soybeans will soon close, though that hasn't yet been reflected in export sales or shipments.
Pro Farmer Editor Brian Grete highlights this week's Pro Farmer newsletter below:
Cattle futures reversed price action the other way, as early week losses gave way to late-week buying that resulted in a higher close, as traders narrowed the futures/cash market spread. Recent volatile trade continued in the hog market, with futures ending lower for the week.
We look at zeroing in on 2016-17...and looking ahead to 2017-18 -- and much more -- in this week's Pro Farmer newsletter.
Zippy Duvall Encouraged by Trump's Trade Meetings
No Fundamental Reasons Why Corn, Wheat Markets Seeing Price Boost