Soybeans posted a $1 loss this week, representing a "big exodus" from the markets, said Randy Martinson of Martinson Ag Risk Management.
"It was kind of like, whoever's last, shut the lights off," he said.
Martinson joined Michelle Rook on the Agweek Market Wrap, sponsored by Gateway Building Systems.
However, he said fundamental issues remain that seem likely to push soybeans back up, including that exports still seem too aggressive for U.S. supply.
"I don't think the party's over," he said.
Corn, likewise, went down this week, and Martinson said that market, too, remains on an uptrend. However, there are a few reasons to be more bearish about the corn market, namely the fact that South American weather has improved. Both Brazil and Argentina received the rains they were looking for to help with their second crop of corn.
Wheat was down, too, and Martinson and Rook explained that had a lot to do with Russia pulling back their earlier plans to put a quota on exports.
Meanwhile, the lower grain numbers helped cattle and hogs, as both saw improvements this week. Part of that is that society looks like it'll start getting back to normal, Martinson said.
"We're starting to see a little better performance in the meat industry," he said.
The Cattle of Feed report that came out on Friday, Jan. 22, was negative, with high feedlot placements. Martinson said that also means, though, that feedlots are staying full in anticipation of higher prices to come.
The hog market got a little push on news that more cases of African Swine Fever had been identified in China, Martinson said.