While soybean oil is moving to new highs at midmorning, meal has sold off, pressuring beans, with March beans now almost 20 cents lower than the overnight high. Wheat continues to add premium to account for possible winterkill from the bitter cold U.S. temperatures as bitter cold sweeps through the U.S., from the Northern Plains through southern Texas. No new sales were announced early on Tuesday as China is celebrating the Lunar New Year all week.
Given the chaos of the winter conditions that are affecting so many, the livestock contracts have continued to hold their own with exceptional demand again seen in the lean hog contracts. The feeder cattle contracts are trading with the most pressure as the corn market makes a slight $0.06 rally in its nearby contracts.
Farm and Ranch Director Jesse Allen has the latest: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1055
