Corn and soybean futures struggled to find buyers this week despite positive demand news on the RFS and export fronts. Instead, pressure from a strong pickup in harvest activity across the Corn Belt weighed on these markets. With a window of warm, dry weather, farmers hustled to get as much of their crops harvested as possible ahead of forecast weekend rains. Wheat futures followed the soybean and corn markets lower. Wheat remains a market that needs positive news and help from the other markets to work higher.
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Price action was light and choppy in the cattle market, as traders prepared for USDA’s Cattle on Feed Report and as cash cattle negotiations stretched deep into the week. Lean hog futures continued their impressive rally. With the cash hog market continuing to strengthen contra-seasonally, traders remain willing to keep futures at a premium to the cash index.