Well, grain trade saw more lower action on Tuesday. Funds were modest sellers on the day and although we rallied off session lows we still closed modestly lower in all three commodities. Other commodities were mostly higher Tuesday and March crude oil is trading at
its highest price in a year with optimism for a more active world economy in 2021.
In livestock, Friday’s lower close and Monday’s hesitant trade allowed for renewed buying throughout the livestock contracts as the market was able to correct some of its overbought position. Both lean hog and feeder cattle contracts saw gains of over $1.00 and live cattle futures aren’t trailing far behind.
Farm and Ranch Director Jesse Allen has the full closing update: http://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406