Overall, corn was lower on continued bearish pressure from rain in the forecast on Friday and into the weekend. Soybeans were stronger on higher soybean oil and canola futures. A lot of money flow and spreading being seen as traders are putting money into soybeans and spring wheat amid continued weather risks there while spreading it against corn and Chicago wheat.
Rains have fallen over many dry portions of the Midwest, including much of Iowa. But, areas of concern include far northern/northeastern Iowa, Minnesota and eastern North Dakota. We also have the July WASDE report coming up on Monday from USDA and we saw some position squaring ahead of that report.
In livestock, strong export sales numbers for both pork and beef were seen. China was the leading buyer of pork amid more African Swine Fever challenges and that allowed hogs to trade fully higher. Cattle finally found some strength at the close.
Farm and Ranch Director Jesse Allen has more in our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Arlan Suderman from the Market Talk Midday Commentary. And, a larger market outlook with David Widmar of Agricultural Economic Insights, AEI on the full episode of Market Talk. Both are below:
https://open.spotify.com/episode/7feHpj4nuJ1idgfOcOiYs5?si=ldIvpurwRHqFjVlHDd86-g&dl_branch=1
https://open.spotify.com/episode/3hpZTLc3db6qaAYl2E0Dsp?si=d_xpkwcFQnit2cjMUR21iw&dl_branch=1
