In a continuation of the extreme volatility that we have seen in the last few months, the soybean and bean oil markets on Friday negated the bearish Thursday reversal, cruising to sharply higher closes. Searing temperatures in the Western Corn Belt and the Northern Plains, sent soybeans, corn and Minneapolis wheat sharply higher again on Friday, as funds bought heavily. The weather threat along with solid corn and soy demand had markets soar higher on the day. The Western Corn Belt, including Nebraska and Iowa, along with the northern tier of the belt, including the Dakotas, Minnesota and Michigan are in the path of the hot and dry pattern.
In livestock trade, feeder cattle were under pressure again amid another day of higher corn prices. USDA said beef exports totaled 12,600 metric tons last week, a lower-than-usual amount with Japan named the top buyer. Hogs were higher, led by the July contract, after USDA showed pork cutouts up $6.07 at $137.59. Last week’s export sales of pork were lower, at 24,300 metric tons with Mexico and China listed as the top two buyers.
Farm and Ranch Director Jesse Allen has our closing market report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more market analysis with Jesse Allen and Mike Pearson, co-host of This Week in Agribusiness, on today’s episode of Market Talk found below: