Soybean futures had a positive response to USDA’s Quarterly Grain Stocks Report Friday morning that showed Sept. 1 stocks lower than expected. Still, soybeans posted weekly losses amid harvest pressure. Corn futures also reacted positively to the Sept. 1 stocks, which were lower than expected. Wheat futures reacted negatively to USDA’s data, especially HRS futures, as USDA unexpectedly raised its other spring wheat crop estimate.
Cattle futures slumped in reaction to USDA’s Cattle on Feed Report, but pared losses late in the week. Lean hog futures surged, led by winter-month contracts, which moved premium to the cash index. The new premium structure in futures signals traders anticipate a seasonal low in the cash market soon. USDA’s Hogs & Pigs Report confirmed ongoing herd expansion, but had no bearish surprises.
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