After the open on Monday, heavy pressure in the stock market and other outside markets like crude oil put pressure in the ag sector. Corn finished pretty much unchanged in a tug of war between bulls and bears. Wheat markets held on to light gains while the soy market was under the most pressure on the day. Traders will continue to watch the hot and dry weather forecast as well as Monday afternoon’s crop progress reports for more direction in the grains. Monday was mostly a day where traders hit the sidelines due to the volatility.
Livestock were mostly mixed to lower, especially in hogs. That all was again attributed to the risk off mentality thanks to the volatility in the outside markets. Farm and Ranch Director Jesse Allen has the closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Bryan Doherty of Total Farm Marketing on today’s episode of Market Talk: