July contracts of Chicago and KC wheat posted double-digit losses Monday with some beneficial rain in this week’s forecast and lower prices in Europe. July soybean meal fell $11, an unusually harsh decline while U.S. soybean supplies remain at their tightest level in several years. Overall, July corn withstood profit-taking in both the soybean and wheat markets as the moisture outlook for central Brazil remains bone dry to the middle of the month. The recent rise in both margins and daily futures limits resulted in profit-taking by long traders in soy and wheat markets on the day Monday.
The cattle contracts are continuing to eye the corn market as its choppy trade has sent the contracts trading on both sides of steady to start the week. The lean hog contracts stood firm in their higher trade and seem unpressured at this point to trade lower as they broke through key resistance levels on the day on Monday.
Farm and Ranch Director Jesse Allen has our full closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
He also breaks down today’s trade on the Market Talk podcast with today’s guest, Bryan Doherty of Total Farm Marketing.