Nearly every grain-related contract finished higher Thursday, led by a 22 1/4-cent gain in December oats and a 14-cent gain in December KC wheat. Increased drought in the southwestern U.S. Plains in this week’s new U.S. Drought Monitor plus added support from outside markets contributed to Thursday’s higher grain prices. The USDA has estimated 38% of the winter wheat area is facing some level of drought as of Sept. 21, up five points from a week ago, while DTN analysis is indicating caution over current models “trying” to bring showers to the Plains next week. There is also some concern surfacing that Russia’s government may entertain further measures to restrict wheat exports later in the marketing year. Hogs saw triple digit strength in December and later contracts with cattle mixed to higher as both complexes anticipate friendly reports on Friday as both Cattle on Feed and Hogs and Pigs are set to release.
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 Bryan Doherty on today’s episode of Market Talk below: