Soybeans were down this week, and there were plenty of reasons why.

First, AgweekTV's Michelle Rook said on the Agweek Market Wrap, sponsored by Gateway Building Systems, the World Agricultural Supply and Demand Estimates report will come out Tuesday, and there is a strong expectation that yields will be raised on the 2021 crop.

Randy Martinson of Martinson Ag Risk Management said it's not a matter of if yield is raised.

"It's a matter of how much," he said.

Rook and Martinson said export pace also has been low, though Martinson said it might be a little early for the U.S. Department of Agriculture to adjust export projections.

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"It's been lackluster at best," he said about soybean exports.

Another issue is that Brazilian soybeans are cheaper right now than those in the U.S., and planting is going well there, too. China appears to have been buying more Brazilian beans than is typical this time of year, Rook and Martinson said. That's especially disappointing amid conversations that China may not live up to its phase one trade deal obligations with the U.S.

After weeks of upward movement, the wheat markets took a step back. Martinson said that doesn't mean a top is in

"We needed to see a correction," he said.

But he thinks wheat could again move higher, possibly as more is learned about planting into the spring.

"I don't think the party is over in wheat," he said.

A consistent problem for U.S. wheat remains a lack of demand.

Corn didn't have a lot of negative news for the week, Rook said, but it seems to have been pulled down by soybeans and wheat news. Ethanol markets have been very strong, with record weekly production numbers recently, and exports have been "good," Martinson said. Corn could see a slight upward yield adjustment in the Tuesday WASDE, he said.

After market close, the USDA released its baseline report, which predicts a large reduction in corn acres due to fertilizer pressures, a slight increase in soybean acres and a large increase in wheat acres.

The cattle market was "pushed" upward by strong cash trade. Martinson, who has been predicting a stronger cattle market for weeks, said tighter supplies and demand, both domestic and on the export side, are helping. Beef exports are on a record pace, expected to "shatter" the 2018 trade numbers, Martinson said.

Meanwhile, hogs continue to struggle but have been helped by cattle markets. China was back in with pork exports, which is encouraging, Martinson said.

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