Closing Market Report- 5/6/21- Soybeans Surge and Pull Grains Higher Again

November soybeans closed up 26 1/4 cents at $14.09 Thursday, showing concern about being able to meet demand in the new 2021-22 season. July canola was the other star of the grain sector, trading up 3.2% at a new all-time high and helping soybean oil to a higher close. December corn has extended its move above $6/bu while wheat gets pulled higher as well, especially in Minneapolis wheat amid continued drought in the northern plains and Canadian prairies. USDA reported a 3.5 mb net-cancellation of wheat sales for 2020-21 over the past week, although spillover from the row crops continues to lend support to wheat prices.

It’s been a relatively quiet day for the livestock contracts as feeder cattle contracts drifted lower while the live cattle market traded steady to higher. It’s looking like the bulk of this week’s cash cattle trade is done with no new bids renewed. Hogs were slightly higher on the day amid continued strength in the hog market.

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 John Heinberg of Total Farm Marketing on today’s episode of Market Talk: