Tuesday was no exception to the wide-ranging, volatile trade we have seen of late. The mostly hot and dry pattern forecast to expand in the western Midwest and Northern Plains through the third week in June has driven values sharply higher on soybeans, while new-crop corn finished only with decent gains. Minneapolis wheat, having rallied nearly $1.80 in eight days took a breather Tuesday for a second straight day and has plunged over 75 cents from the high. The GFS weather model update features a better chance for North Dakota on Friday, but the jury is still out, and soil moisture is in decline. However, the better chances for rain in the Dakotas contributed to the lower trade in Minneapolis wheat today. Funds also bought modest amounts of corn, wheat and soybeans on Tuesday.
In livestock, Tuesday’s trade Was slow and lethargic as the market tries to decipher where prices and demand are heading with the Memorial Day holiday now over. There’s been some light cash cattle interest in eastern Nebraska, where both live and dressed cattle have sold for mostly steady prices with a week ago. More interest is expected to develop as the day trades on.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
More analysis with Jesse Allen and Jim McCormick of AgMarket.net on today’s episode of Market Talk below: