Wheat markets corrected on Tuesday with Minneapolis December some 50 cents off the recent highs while Chicago and Kansas City wheat were down sharply as well. Modest pressure spilled into corn and soybeans as well on the day. Paris milling wheat has also done an about face and sold off nearly 20 cents on Tuesday. The sharp rise in the U.S. dollar, at the highest level since July of 2020 is no doubt having a bearish impact on wheat. The bean meal market has been rebuffed by strong chart resistance and has fallen $10 per ton since Monday’s high. Meantime we saw lean hogs sharply higher on the day with cattle futures mixed; feeder cattle were supported by the weaker corn market.
Farm and Ranch Director Jesse Allen has our closing market report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis on the market trade with Jesse Allen and Brian Splitt of AgMarket.net on today’s Market Talk below: