Despite a mostly hot and dry long weekend, some rain showers in the Canadian Prairies and Northern Plains and the forecast for moderate to heavy rains over the next 10 days for key portions of the northern and Western Corn Belt sent futures reeling Tuesday. Corn futures immediately fell to limit losses, while November beans nearly touched limit lower — down 97 cents at one point. We’ll be watching the forecasts and actual rainfall amounts the next 24-48 hours to see what direction this grain market will go.
The live cattle market would like to follow in the feeder cattle complex’s footsteps and trade higher, but without knowing how packers are going to treat this week’s cash cattle market or how boxed beef prices will trend, they are treading lightly to start the week. Showlists this week are fully higher in Texas and somewhat higher in Kansas, Nebraska and Colorado. Hogs were mixed on Tuesday.
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 Matt Bennett of AgMarket.net on today’s episode of Market Talk: