Closing Market Report- 9/30/21- Fallout From the USDA Reports; Wheat Higher and Soybeans Sharply Lower

It was another wild, surprising USDA report day on Thursday. Soybeans were the big loser on the day as  September 1 stocks of corn and soybeans were reported above the volume expected in pre-report estimates. The market was also not anticipating an almost 81 million bushel increase in soybeans from last years production. Wheat stocks were reported at a volume below expectations. At 1.65 billion bushels, production of wheat for 2021 came in below the average of pre-report estimates, with a smaller-than-expected winter wheat estimate and a slightly larger-than-expected other spring production estimate.

Meantime, lean hogs had another strong day with a bullish weekly export sales number while cattle drifted lower through the day.

Farm and Ranch Director Jesse Allen has our closing report:

And, more analysis with Jesse Allen and Bryan Doherty of Total Farm Marketing on today’s episode of Market Talk below: