Closing Market Report- 8/4/21- Soybeans Higher, Corn and Wheat Under Pressure


November soybeans finished with a 6-cent gain, but corn prices finished lower, pressured by rain in the forecast. September crude oil is trading more than $2 lower with concerns about rising cases of the coronavirus delta variant threatening to slow economic activity. Minneapolis wheat was under severe selling pressure as all wheat markets took a breather from recent gains despite continued disappointing yields from Russia’s ongoing harvest.

Some cattle trading activity is beginning to surface in the North $1.00 higher than last week at $198. Otherwise, activity is virtually nonexistent in the rest of the country. Feedlots are asking $122 or higher in the South, with offers in the North generally at $199. Hogs struggled as traders await cash news, leaving the market floundering. Front-month August is higher as it tries to keep in line with the index, with only about a week remaining to the contract.

Farm and Ranch Director Jesse Allen has our closing market report:

Also, more analysis with Jesse Allen and Mike Zuzolo of Global Commodity Analytics on today’s episode of Market Talk: