Soybean futures strengthened coming out of the holidays with weather concerns in Argentina providing enough support to encourage funds to cover some of the short positions they added in late 2017. Unless Brazilian weather concerns arise, however, it’s unlikely traders will be too aggressive on the long side of the market. Wheat futures were supported by winterkill concerns in the Plains, but gains were trimmed by late-week profit-taking. Corn futures initially worked higher on spillover support, but pared gains late in the week.
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Cattle futures strengthened early in the week as cold temps stressed feedlot animals across the Plains and Midwest, but sharp losses Friday resulted in weekly losses. February lean hog futures eased on the contract’s big premium to the cash index, but with the cash market firming, seller interest was limited.