Closing Market Report- 8/3/21- Soybeans Crash Hard on Tuesday

We had a selling spree in soybeans on Tuesday. November soybeans closed down 33 3/4 cents and December soybean meal was down $9.90, a bout of selling on Tuesday pressured by chances for timely and favorable rains in the seven-day forecast. September KC wheat ended up 4 cents, the only gain in Tuesday’s grain sector. Overall, the soy complex was a substantial weight on corn and wheat today. Traders are getting ready ahead of next Thursday’s WASDE report. It’s going to be a very interesting next few weeks as we have that report and plenty of private data and crop tours ahead to verify where this crop stands.

The futures market is continuing to support the live cattle, lean hog and feeder cattle contracts as the market worked through Tuesday. Lean hogs led once again with more triple digit gains. Overall, the cattle and hog markets will look to keep the momentum heading into Wednesday’s trade. Cash cattle activity is still quiet for the week.

Farm and Ranch Director Jesse Allen has our full 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: