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Up, down, up, down: The week's market wrap
What started out as another week of lackluster performance for the corn and soybean markets unfolded into something of a bright point for the bulls, with both trades rebounding to close higher to end the week. See some of the factors behind the moves and what other farmers are saying here!
Late last week, federal officials said the EPA would likely limit the amount of corn-based ethanol entering the fuel supply by trimming the Renewable Fuels Standard. That sent corn lower through the weekend until Tuesday, when the trend started moving higher.
Soybeans switched gears around mid-day on Wednesday, surging higher late in the week on strong demand from China and mounting concerns about planting conditions in South America.
After a dip, then rebound on Tuesday, Wednesday kicked off a trend higher for wheat futures, too, with the December contract gaining more than 6 cents in the latter half of the week.
Cattle futures fell off their record highs early in the week, working inverse to the climb in corn and soybeans. But, the crop and livestock markets are starting to operate more in balance, one economist and market-watcher said this week.
Though they hit the week's bottom early, hog futures fell after surging into Thursday to close the week lower than at its beginning. Still, there's speculation that profitability in the hog sector could be moving forward, supporting future expansion and more corn usage.
After hitting some major highs and lows, the grain & livestock markets ended the week on stable footing.