Corn has surged to another new contract high, while bean oil is just a few ticks away from the same. Soybeans and wheat are also up sharply on weather concerns for Argentine dryness and U.S. and Russian wheat areas being invaded by very cold weather. Also supporting the markets is the expectation for bullish export and ending stocks numbers on Tuesday’s WASDE report.
Livestock futures are keeping to their own pace; lean hog and live cattle contracts are met with ample support, while the feeder cattle contracts dip lower from the pressure building in the rallying corn market. The cash cattle market is quiet and business is likely to follow its recent trend of waiting to develop until the latter half of the week.
Farm and Ranch Director Jesse Allen has the full update: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1150
