November soybeans closed higher Monday, helped by an export sale to China, bull spreading in old-crop soybeans and a 2.21-cent gain in July soybean oil. December corn was down 9 1/4 cents with broad rain coverage expected in the seven-day forecast. Tight old crop supplies headed into first notice day for July, and rumors of additional China bean purchases drove the soybean market gains as mentioned above. Production ideas on Brazil’s corn crop continue to slide lower after just 5% of the safrinha crop harvested with reports of disappointing yields thus far. We will continue to trade a volatile weather market heading into the June 30th USDA reports.
The cattle contracts would love nothing more than to see the corn market dip lower again this week. But thus far, the nearby corn contracts are posting a mild rally, which hasn’t casted any favors to the cattle sector. Meanwhile, the lean hog contracts continue to scale lower as the market makes a correction from its recent high.
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 Bryan Doherty of Total Farm Marketing on today’s episode of Market Talk below:
https://open.spotify.com/episode/0mLqcBJMa6BtnhLGviRbzG?si=MXWQThT4R92rZZLdJvAkmw&dl_branch=1
