Comments: Last week was a wild one in the grain and soybean futures markets as corn and wheat prices sold off hard early in advance of Friday's USDA Prospective Plantings and Grain Stocks Reports under pressure from large production prospects, then rebounded strongly after the reports. Soybean futures, led the grains higher after USDA pegged U.S. soybean planting intentions at 73.9 million acres, below the range of trade estimates. Corn futures erased most of their earlier losses on Friday with help from tighter-than-expected March 1 corn stocks; even though USDA reported producers intend to plant 75.9 million acres of corn, the most in 75 years. Wheat futures found fundamental support from both lower-than-expected spring wheat planting intentions and a low March 1 wheat stocks total. The market focus should now shift more to Midwest weather and planting progress. Livestock futures were hammered by fund selling last week amid continued concerns about demand. Managed funds continued to liquidate a large long position in live cattle futures as beef prices continued to slide. The funds got short hog futures as cash hog market sold off on ample supplies and weak packer margins.
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