November soybeans fell 30 1/4 cents lower Wednesday, pulled down by a 3.50-cent limit drop in July soybean oil and ongoing concerns the White House may ease biofuels mandates. September Minneapolis wheat closed up 11 1/4 cents, supported by a lack of rain in the seven-day forecast for spring wheat areas. The corn market was mixed on the day with the spot July contract seeing the biggest advancement upon a favorable weather forecast for the near future. The market could see more support arise ahead of Thursday’s export report as Brazil could step into the market as a lofty buyer as their corn crop is suffering from severe drought.
The Fed Cattle Exchange Auction listed a total of 6,049 head, of which 889 actually sold, 712 head were scratched from the auction, and 4,448 head were listed as unsold, as they did not meet the reserve prices that ranged from $120 to $122.50. Opening prices ranged from $118 to $120, high bids ranged from $119.25 to $122.50. The state-by-state breakdown looks like this: Texas 5,585 total head, with 793 head sold at $121 to $122.50, 678 head were scratched from the auction, and 4,114 head went unsold; Kansas 339 total head, with 27 head sold at $119.25, 34 head were scratched from the auction and 27 head went unsold; Oklahoma 125 total head, with 61 head sold at $122, 64 head went unsold. Hogs were down limit on the day, continuing to pull back from last week’s six-year high, nudged by a drop in this week’s cutout prices.
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 Mike Zuzolo of Global Commodity Analytics on today’s episode of Market Talk:
https://open.spotify.com/episode/5KpQQuMSIVyfSPt3GWKuZk?si=UECg6-IkQXyz8_srQTc1Tw&dl_branch=1
