Soybeans, corn, bean oil and Minneapolis new-crop wheat have all surged to new contract highs. Weather in both Brazil’s safrinha region and our own Northern Plains and the Canadian Prairies, along with surging cash values and the current freeze warnings, have brought speculative money back into ag futures markets. That has opened up the top side in these markets as we broke the $6 mark on old crop corn and closed just shy of $13 in new crop soybeans. Not a lot of fresh news for the bulls but the spec money and momentum traders have taken what has been there and ran with it to start the week.
In what felt like a blink of an eye, the feeder cattle contracts have started to trade higher amid $6.00 corn in the May contract. Tuesday’s trade took a wild turn and we saw support in the entire livestock sector, as lean hogs, live cattle and feeders all trade fully higher on the day.
Farm and Ranch Director Jesse Allen has your full closing update: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
