July Minneapolis wheat closed down 15 3/4 cents Monday, the largest percentage loss in the grain sector, after spring wheat areas received beneficial precipitation over the weekend. Old-crop contracts of corn and soybeans posted small losses with wide rain coverage expected across the central U.S. this week. Expectations are that corn and soybeans will be 90% and 80% planted as of Sunday as beneficial rains are pressuring markets. For the second straight day, China has not appeared to buy U.S. new-crop corn.
Traders are still cautious about whether or not they should support the livestock contracts Monday as they look closely for direction. It’s not unusual to see traders quiet when price levels get as extreme as they are. Cattle and hogs ended the day mostly lower.
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 Bryan Doherty of Total Farm Marketing on today’s episode of Market Talk: