Soybeans, meal and oil were higher on the day Tuesday as the overall market remains nervous, amid a rebound, from Monday’s lows. China comes off holiday tonight and many traders will be watching closely to see how their markets react to the Evergrande news and worries after the US markets took a hit on Monday with that news. Rumors are out there that China has bought more US soybeans so we’ll wait to see if that shows up on the wire or not. November soybeans gained back 11 1/2 cents of Monday’s 21 1/2-cent loss, while December corn dropped another 4 3/4 cents.
All three U.S. wheats traded lower Tuesday after USDA showed winter wheat planting off to a good start, overall. Russian analyst SovEcon has revised higher their forecast for Russia’s wheat crop by 200,000 metric tons to 75.6 million metric tons, a slightly bearish factor for the wheat market. The livestock trade was choppy at best today in the cattle market while hogs are under more pressure as African Swine Fever has been found in Haiti.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
More analysis with Jesse Allen and Brian Splitt from AgMarket.net on today’s episode of Market Talk below: