Soybeans continue to lead grains higher after overnight strength, although we are off session highs through mid-morning. The drought remains unabated in Brazil as the safrinha corn crop moves through pollination. It will remain quite cool across the Midwest Corn Belt the next 10 days, slowing emergence of this year’s corn and soybean crops. We are also seeing many $7 plus cash corn bids across the Midwest here today; levels we haven’t seen since 2013. Overall, grains continue higher here as we work through Wednesday.
The USDA reported a few new sales early on Wednesday: 184,100 mt (7.25 mb) of corn for 2021-22 sold to Mexico, 147,230 mt (5.8 mb) of corn sold to unknown, with 1.8 mb of that for 2020-21 and 4 mb for new crop 2021-22. A cancellation of a previous purchase of 2020-21 corn by China of 140,000 mt (5.5 mb) was also reported.
After a rather depressing Tuesday in the cattle complex, both the live and feeder cattle contracts are hopeful for a better Wednesday but aren’t holding their breath. The lean hog contracts will most likely continue their upward progression by either trying to concur slightly higher prices or by solidifying their position in a steady trade. After the online auction, more cash cattle trade is expected to develop.
Farm and Ranch Director Jesse Allen has the latest update: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=940
