A change in the forecast and better chances for rain across the northern Corn Belt seemed to impact corn prices to close out the week. On Friday, corn fell more than 30 cents, a change from the rapid run-up in prices the past two weeks. We're basically forecast to forecast right now, says Brian Grete of Pro Farmer, which means more volatility and money flow.
EPA released biofuel blending obligations under the Renewable Fuel Standard on Tuesday. While EPA says the decision will reduce reliance on oil imports, some biofuel industry leaders do not approve.
Negotiated cattle traded lower for the second consecutive week and the Cattle on Feed report dealt a surprise with a placement total significantly higher than expected.
The U.S. and China have reportedly made progress and agreed to stabilize their relationship, but no major breakthroughs were outlined during the two-day meeting between U.S. and Chinese high-ranking officials.
