Overall, it was an ugly day in the broad ag markets on Thursday. Hawkish fed news and money exiting this market amid panic selling led to sharp losses on the day. July soybean oil and new-crop corn and soybeans posted large losses Thursday, succumbing to ongoing concerns about a possible change in biofuel policy and after a high-ranking Chinese official made an effort to talk down grain prices. There is rain in the seven-day forecast for the Eastern Corn Belt, while much of the Western Corn Belt remains mostly dry. We also saw a higher U.S. dollar and weekly sales falling in the lower end of pre-report estimates. Tons of bearish factors weighed on prices Thursday. Also, we will see expanded limits once again on Friday in the soybean complex and lean hogs for the second day in a row. Corn will also see expanded limits on the day Friday.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with John Heinberg of Total Farm Marketing and Jesse Allen on today’s episode of Market Talk below: