Closing Market Report- 3/12/21- Grains Closed Mixed, Cattle Higher


Corn and soybean prices pulled notably lower today on improving South America weather forecasts, but buyers emerged to erase most of the losses by midday, with the exception of the expiring March contracts. May corn was up 1/2 cent and May soybeans were down 1/4 cent after the early morning dip in prices. May soybean meal posted its lowest close in over two months, related to concerns of African swine fever in China and U.S. wheat prices ended a little lower with rain on the way to the central U.S. Plains.

Wheat prices reflect expectations for improving weather here in the States, along with soft export demand and weak seasonal signals. Feeder cattle led the protein complex higher on weak feed prices amid strengthening demand prospects, while profit taking trimmed gains in lean hogs following recent sharp gains.

Farm and Ranch Director Jesse Allen has the latest: