Overnight Market Report- 2/3/21- Grain Selling Continues as We Get to Midweek; Livestock Expected to Continue Higher

Overnight, grain selling continued with corn, soybeans, meal, soybean oil and all three US wheats lower. We’ll once again turn our eyes to the daily export wire looking for more rumored Chinese buying and keep our eyes on South American weather as Argentina is set to drier while Brazil is going to have a front move through in the back half of the week. Yesterday, we saw cattle and hogs higher and we expect that strength to continue on Wednesday. Hogs set new contract highs as spreads unwound and February through December contracts set their new high water mark. Feedlot country is expected to be $1-2 higher the rest of the week.

Farm and Ranch Director Jesse Allen has the full update: http://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=650