Midday Market Update- 2/2/21- Grains Have Rallied Some But Are Still Lower; Livestock Trading Higher

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Grain and soybean markets remain under pressure just ahead of the close. Rumors are that China is still active in seeking more U.S. corn, along with ethanol. Funds are modest sellers on Tuesday of corn, beans, wheat and bean oil. Egypt bought 480,000 metric tons (17.6 million bushels) of wheat from France, Russia, Ukraine and Romania.

In livestock, Friday’s lower close and Monday’s hesitant trade has allowed for renewed buying throughout the livestock contracts as the market was able to correct some of its overbought position. Both the lean hog and feeder cattle contracts are seeing gains over $1.00 stronger and the live cattle market isn’t trailing far behind.

Farm and Ranch Director Jesse Allen has your update here: http://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1245

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