World vegetable oil markets exploded higher and that gave us strength in soybean oil and soybeans on the day Tuesday. Also, a gain of over 8% in Tuesday’s natural gas price lifted energy futures higher and led to higher closes in both soybean oil and soybeans. Corn and wheat prices finished lower after USDA reported corn harvest and winter wheat planting were generally making good progress.
Cattle futures traded mostly higher as the market continues to look for support and direction while lean hogs had another down day but did regain some of the losses by the close with October finishing higher.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Bill Biedermann of AgMarket.net on today’s episode of Market Talk: