Closing Market Update- 1/28/21- Profit Taking in Soybeans Pulls the Grain Markets Lower


Thursday morning’s trade started out fairly strong but quickly turned lower as a wave of profit taking seemingly overtook the soybean markets. Weak exports sales (down 74% from last week) could be the main reason behind the drop in soybean prices today. Meantime, we got more strong weekly exports on corn and another flash sale of old crop corn to China (1.7 million metric tons to be exact). However, the fall in soybean prices helped pull corn and wheat futures lower. Wheat also pulled down by lower Paris milling futures.

In livestock, we saw good weekly net sales of beef and pork but the market was fairly quiet on the day. A pretty cautious tone settled in the trade even though the market seemingly wants to trade higher. Still looking for more cash cattle market development this week.

Farm and Ranch Director Jesse Allen has your full market close here: