Closing Market Report- 10/21/21- Commodities Finish Lower on Thursday

One day after several veg oil markets scored new contract highs, a correction has begun, with a weakening crude oil market leading to a veg oil market correction. Corn, soybeans and wheat were also under selling pressure, as the much-talked-about new China demand for wheat and soybeans has yet to be confirmed. USDA announced a new sale of corn to Mexico for 2021-22: sold 130,000 mt (5.1 mb).

We saw dismal export sales for beef on Thursday with only 7,800 mt reported which was a marketing-year low. Hogs are suffering from negative fundamentals. Export sales of 20,900 were down 38% from last week and down 36% from the four-week average.

Farm and Ranch Director Jesse Allen has our closing report:

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