In quiet trade ahead of this week’s August USDA report, grain and soybean futures moved lower, led by Chicago wheat. Some beneficial rains fell in some key areas of the Corn Belt, previously experiencing drought. Parts of Nebraska, South Dakota, Iowa, Minnesota and Wisconsin received some good rains. Rains early on Monday were moving through Wisconsin, Illinois and Indiana.
Traders once again were spooked by tumbling lean hog futures prices. October lean hog contracts posted limit losses for the second time in the last three days. Pressure was limited in cattle trade, although buyers were hard to find given the general bearish market tone.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Bryan Doherty of Total Farm Marketing on today’s episode of Market Talk below: