Soybean futures were pressured ahead of USDA’s January crop reports and finished lower for the week. But the data was friendlier than expected, which sparked a light round of corrective buying to close out the week. Corn futures faced less pressure than soybeans ahead of the reports, but dropped to new contract lows in reaction to the data. Wheat futures had a sharp negative reaction to USDA’s January crop reports as winter wheat seedings, Dec. 1 stocks and projected 2017-18 ending stocks all topped expectations.
Pro Farmer Members can read the newsletter at this link.
Live cattle futures extended their move lower as support at the late-December lows was violated. Traders maintained the sizable discount futures hold to the cash market. Lean hog futures surged to new highs early in the week, but profit-taking and a trimming of the premium they hold to the cash index resulted in losses for the week.