Grains were supported on Wednesday by a hot and dry forecast in the Northwestern Corn Belt for the next 7 to 10 days (once Wednesday’s rain moves out of Iowa, Southern Minnesota and Wisconsin. Plenty of weather premium is being built back into the market as traders are getting weary of the weather challenges ahead. December corn closed up 18 cents, November soybeans were up 31 1/2 cents and
all three U.S. wheats finished with double-digit gains.
Livestock were mostly mixed to lower as they chopped around on the day. More cash cattle trade needs to happen by the end of the week while lean hogs were mixed with some price gaps still on the chart in the August and October contract.
Farm and Ranch Director Jesse Allen has the closing market report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Mike Zuzolo of Global Commodity Analytics on today’s episode of Market Talk: