Traders are starting the week with their eyes fixed on Friday’s upcoming WASDE report. The tone in the grain markets remains firm, supported by a strong technical picture and steady domestic demand. Much of that demand continues to be tied to biofuels, which have provided a reliable floor for both corn and soybean usage. Ahead of the report, analysts will be watching closely for any adjustments to yield, production, or export forecasts that could shift the balance sheets and set the tone for harvest marketing decisions.
On the livestock side, last week ended on a softer note for cattle, marking the first time in 11 weeks that futures closed in the red. That pullback came as the market digested packer margins and cash movement. However, cattle turned higher to open this week, with Monday bringing some green back to the screen. Traders suggest this may reflect underlying demand strength along with the technical correction after such a long stretch of gains.
Brian Splitt with AgMarket.Net has today’s Market Wrap Up…
Your browser doesn’t support HTML5 audio