Corn fell for the fourth consecutive day as more rains are slated to fall in parts of the Western, Central and Eastern Corn Belt over the next 7 days, with some of that coverage heavy. Iowa and Illinois appear to be the center of the rainfall over the next week.
Overall, it was a see-saw day in grains and the bearish factors won in the end. We tried to trade higher around mid-morning and ultimately fell to the rain in the forecast and outside factors weighing on the trade. The stock market was under pressure as maybe some money is moving to the sidelines in the broader commodity space. Weather will continue to be a big story; so far the rains have not produced quite as well as expected but with more in the forecast it’s a case of time will tell.
Cattle were lower on the day as we just couldn’t seem to find momentum in the market while hogs traded mostly higher. Overall, charts are not looking super friendly but long term outlook is still favorable for cattle. Hogs may be ready to break to the downside but for now it looks like we’re trying to be stable.
Farm and Ranch Director Jesse Allen has our closing report:
And more analysis with Jesse Allen and John Heinberg on today’s episode of Market Talk below: