Closing Market Update- 3/10/21- Grains Crash Hard on Wednesday


May U.S. grain futures were all lower Wednesday with the largest percentage losses in canola and soybean meal. New recent lows in China’s corn and soybean meal prices suggested increased concerns about African swine fever are resurfacing in China. Funds are estimated to have sold close to 25,000 corn contracts; 20,000 beans; 8,000 wheat; and 6,000 meal. Soybean meal has now fallen almost $60 per ton from the January high.  A more bearish weather outlook and no slash in ending stocks has led to some longs exiting the markets.

The livestock complex lost the charge higher and no questions asked attitude that thankfully led the complex higher both Monday and Tuesday. The lean hog contracts defended their advancements in the nearby contracts late, but the live cattle and feeder cattle contracts traded fully lower.

Farm and Ranch Director Jesse Allen has the latest: