Monday’s trade action can be classified as a mostly inside trading day with not a whole lot of news that gave the market direction one way or another. We did bounce off the lows of the day in grains which was a positive. Reports are that much progress is being made getting Gulf export terminals, impacted by Hurricane Ida, back up and running with Bunge and ADM expected back in action this week. Some concern that we could see a resumption of power slowed by incoming tropical storm Nicholas, but any impact should be short-lived. Funds are again selling corn and beans.
Cattle markets closely watching the impact of a fire at the JBS processing plant in Grand Island, NE. The fire was limited to the rendering areas of the plant, but slaughter was canceled for at least Monday. It is expected to be back up and running later this week. This is one of the top 10 largest cattle processing plants in the country. Hogs are under pressure from spillover from cattle and technical weakness.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Bryan Doherty of Total Farm Marketing on today’s episode of Market Talk below: