Soybean futures built on their bullish reversal in reaction to USDA’s Jan. 12 reports and posted the strongest weekly gains in three months this week. In addition to the January crop report data coming in friendlier than anticipated, traders showed concern over dryness and declining crop estimates in Argentina. Corn futures followed the soybean market higher as funds covered some of their massive net short positions. Finding buyers in the wheat market proved more difficult. Winter wheat futures worked slightly higher amid spillover and modest corrective buying, but spring wheat futures were anchored near unchanged.
Pro Farmer Members have access to the full newsletter at this link.
Cattle futures forged a short-term low on support from chart-based buying and hopes cash cattle prices have also bottomed. Lean hogs firmed, with the February contract posting a new high, but late-week profit-taking pulled futures off their earlier highs, suggesting a short-term top may be in the works.