Wheat got an assistance from oats this week, and it's expected to get another assist next week from the Quarterly Stocks Report and Small Grains Summary from the U.S. Department of Agriculture.
Canada and the U.S. have reported tight oat supplies, which along with technical pressures helped propel the wheat market forward, AgweekTV's Michelle Rook and Randy Martinson of Martinson Ag Risk Management said on this week's Agweek Market Wrap, sponsored by Gateway Building Systems.
Dry issues on the Southern Plains, where winter wheat acres are expected to increase, also were a factor in a stronger market, Martinson said.
In next week's Small Grains Summary, Martinson expects to see tighter spring wheat supplies and lower harvested acres. But that isn't all the market needs, he said.
"We still need demand, and that's the one thing that's missing," he said.
Corn was down slightly but less than would be expected as harvest pressures mount, Rook and Martinson said. That, Martinson said, is in part because yields have been all over the place.
"I think the market is going to be somewhat careful," he said.
A negative factor is the continued shutdown of ports in the Gulf. That has put a big damper on what had been a hot export market.
Martinson said a tight basis for corn, especially at ethanol plants, also indicates tight supplies of corn. Ethanol plants are paying above futures prices to get supply.
"They want to keep the grind going," he said.
Soybeans were up slightly, and like corn, Martinson said that has something to do with inconsistent yields. Soybean oil and biofuels have been a bright spot.
The livestock markets got mixed messages this week. The Cattle on Feed report was bearish, which won't help the already struggling cattle market. Martinson thinks the report could put in a final market low in for cattle, but boxed beef prices also have been slipping.
Meanwhile, the Hog and Pig Report was bullish, with numbers coming in even below expectations of tighter supplies. Martinson thinks next week could be a good week for the hog market.