Soybean futures led losses in the grain and soy markets amid a wetter 10-day forecast for dry areas of South America. January soybean futures dropped to levels that attracted fresh buying the two previous months, so focus next week will be on whether funds or global end-users ramp up their soybean buys. Corn futures followed the soybean market lower, posting new contract lows in the process, despite a bigger-than-expected decline in projected 2017-18 ending stocks. Winter wheat futures also posted new lows, though a late-week rebound limited losses. Spring wheat futures rebounded from earlier weakness to post slight weekly gains as of Friday morning.
Pro Farmer Members can access the newsletter at this link.
Cattle futures paused as traders waited to see if the cash cattle market had put in a short-term low. Lean hog futures continued their recent price pullback, but late-week short-covering provided some hope a short-term low could be close.