In a weird reaction to a bullish June WASDE report on corn, some storms moving across parts of the Western Corn Belt and the Northern Plains sent corn reeling Friday. Wheat and soybeans, already bogged down by the slightly bearish WASDE report, also fell hard as the storms promised some relief to the ongoing drought in the north. Also, headlines about President Biden looking to relaxing blending rules for refiners was a big weight on the markets today, especially soybean oil.
Friday’s trade favored the cattle contracts while the lean hog contracts were left high and dry. Looking to next week, traders will have a lot to sort out and manage in both the hog and cattle markets. Cattle prices could be pressured if boxed beef prices commit to trading lower, and the lean hog market continues to wonder when a top is in store. Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.46 with a weighted average $119.26 on 6,513 head.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis on today’s episode of Market Talk with Jesse Allen below: