China again showed up in the Foreign Agricultural Service’ Tuesday morning flash sales with another 1.360 million metric tons (mmt) of U.S. corn bought, raising the total in the past two weeks to 321.2 mb of new crop corn. Soybeans soared early on the heels of more new contract highs in both palm oil and soybean oil markets, but sold off late as crude oil and bean oil reversed early gains to close lower. Corn will soon face a negative seasonal pattern starting in June, while production in Brazil appears to be slipping each day.
The livestock sector is traded mixed as both the live cattle and lean hog markets have found support, but the rallying corn market has pushed feeder cattle prices lower. The cash cattle market has yet to see any interest arise, but packers could begin to see some interest as the day lingers on. Overall, it was a mixed bag in livestock trade on Tuesday.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Bill Biedermann of AgMarket.net on today’s episode of Market Talk:
https://open.spotify.com/episode/1TRsW1SZEF5LN7zSZceG4N?si=neAw8vHTQJeOq8-2WA-Qnw
