Opening Market Report- 2/3/21- Grains Recover From Overnight Lows to Start Day Session

Corn and soybeans have renewed their downward correction, as bean oil is making new daily lows. Weather is mostly bearish in South America, with crop production ideas on the upswing. Wheat is under severe pressure, as February is a typically weak seasonal period. The livestock contracts have had two mostly successful days this week and will be looking to Wednesday’s trade to continue that trend. The market could see some cash cattle trade develop after the Fed Cattle Exchange, but trade could just as well wait until Thursday to develop.

Farm and Ranch Director Jesse Allen has our opening report: http://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=845