After hitting a new contract high of 72.13 cents early Thursday, July soybean oil sold lower and closed at 68.85 cents. July corn closed lower, a nervous market with chances for rain in the 6- to 10-day forecast, as did the other grains. Apparently one of the weather models (GFS) has given a better chance for Northern Plains showers next week, pressuring the markets, and there is a chance for more widespread showers in the Plains. That wetter forecast seems to conflict with the EU model so the jury is still out. Mild fund selling occurred in each of the markets.
The lean hog market took back the driver’s seat and rallied higher as demand continues to fuel the market and backed up supplies aren’t a worry. Meanwhile, the cattle contracts sit in an entirely different position; both the live cattle and feeder cattle contracts finished mixed as the market is still trying to gauge just how devastating the lack of production earlier this week has been on the market.
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 John Heinberg from Total Farm Marketing on today’s episode of Market Talk below: