July Minneapolis wheat closed up 12 cents, the largest percentage gain in Wednesday’s grain sector with increased concerns about dry weather in the northwestern U.S. Plains. Corn and soybeans were mixed with soybeans pulled lower by a 1.07-cent loss in May soybean oil. Both soyoil and soybean futures came under pressure today, to spoil an otherwise upbeat day in the ag sector. Soyoil fundamentals remain solid long-term, but they had quite a ride without a major correction until recently. Soybeans turned lower as fund managers grew disappointed in the inability of the lead May contract to sustain a move above resistance near $14.40.
Both cattle and hogs were strong today with demand remaining stout. We saw good movement in the cash cattle trade as well with plenty of $120-122 sales reported today. Overall, this market remains well supported.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
