Closing Market Report- 11/12/21- An Explosive Day For Soybean Meal; Grains Higher

After a weak start to the day in corn and wheat, markets recovered in a big way Friday, fueled by a massive rally in soybean meal and soy futures. Soy meal has now rallied nearly $50 per ton since the low in mid-October; unwinding of long bean oil, short meal spreads took place Friday. The University of Michigan index of consumer sentiment dropped to a decade low and also contributed to inflationary money flow into stocks and commodities today. Cattle were quiet to end the week while hogs were higher amid higher cutouts.

Farm and Ranch Director Jesse Allen has our closing report:

Also, more analysis with Jesse Allen and Ted Seifried of Zaner Ag Hedge on today’s episode of Market Talk: