Tuesday began with a bang with both soybeans and Minneapolis wheat rushing to solid gains on declining crop conditions; November beans were up 30 cents at one point. However, by midmorning much of the strength had dissipated with the cooler weather forecast ahead; November barely hung on to close higher and Minneapolis wheat was near unchanged.
Overall, we just saw some technical selling pressure and profit taking after the morning surge. Weather models continue to be a little ambiguous as to whether they are firmly bullish or bearish to the market trade. The livestock contracts didn’t see the support from traders like they did through Monday’s trade, but the market’s fundamentals continue to show strong consumer demand is still vibrant.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Brian Splitt from AgMarket.net on today’s episode of Market Talk: