In spite of a hot and dry weekend in the Northern U.S. Plains, July contracts of corn and soybeans closed lower Monday, leaving the higher closes to new-crop contracts. September Minneapolis wheat dropped 27 1/2 cents with rain in the forecast for the Western Canadian Prairies. While old-crop corn, bean and Minneapolis wheat futures came back and filled the overnight gaps, both new-crop December corn and November beans maintained overnight gaps. An increase in farmer selling and slowing export shipments weighed on nearby contracts of corn and soybeans. We keep our eye on Thursday’s USDA reports to see what price action that could give this market along with constantly checking the latest weather forecasts.
Over in livestock, the strength that has carried the lean hog market shows no signs of weakening, as the market’s fundamental support and technical backing seem to walking hand in hand. Meanwhile, the cattle market continues to trade in a skeptical manner as it’s unclear what corn prices are doing for feeders. The live cattle market has higher showlists throughout all regions this week.
Farm and Ranch Director Jesse Allen has more in our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more market analysis with Jesse Allen and Bryan Doherty of Total Farm Marketing on today’s episode of Market Talk. AND, a look at the latest weather forecasts with Eric Snodgrass of Nutrien Ag Solutions on the audio version of video below as well.