Closing Market Report- 8/2/21- Wheat Is the Star On Monday

Wheat markets were the star of Monday’s trade thanks to declining production ideas, with Russian wheat yields falling along with Canadian and U.S. spring wheat. Corn and wheat were pulled higher on the day as well by wheat as even though we saw some beneficial rain over the weekend, the trade is looking at a return to hot and mostly dry conditions in the Northern Plains and much of the Canadian Prairies in the 7 to 10 day forecast. Soybeans almost fell to a plunging crude and vegetable oil market but had enough spill over strength from wheat to close higher. Both corn and soybeans have settled into a trading range recently and we have hit the highs and lows in the last two trading sessions.

Livestock had a solid day on Monday with lean hogs the leader. Both hogs and cattle searching for strength and confidence this week and if Monday is any indication, that could continue into Tuesday as well.

Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406

Also, Jesse Allen has more analysis with Bryan Doherty of Total Farm Marketing on today’s episode of Market Talk! AND, a recap of the Professional Ag Marketing Inc 2021 Crop Tour and market analysis with Mike Minor: