Closing Market Report- 11/18/21- Selloff Seen in Grains on Thursday

We saw a two-sided trade on Thursday as grains sold off after earlier strength. Funds, who had been buyers of late, took profits, selling corn, wheat and soybeans on Thursday. Soybeans are the weakest as the recent surge in soybean meal has come to a brief end. Export sales in soybeans and wheat remain well below those of a year ago. Chicago, Kansas City and Paris wheat surged to new contract highs before reversing and finishing well off the highs at the close.

Beef net sales of 25,500 mt for 2021 were up 23% from the previous week and 58% from the prior four-week average. The three largest buyers were China (13,800 mt), Taiwan (3,600 mt) and Japan (3,200 mt). Pork net sales of 25,000 mt for 2021 were up 7% from the previous week but down 16% from the prior four-week average. The three largest buyers were Mexico (16,900 mt), Japan (3,800 mt) and Canada (1,600 mt). Cattle were mostly higher at the close with mixed action to higher in lean hogs.

Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406

Also, more analysis on Thursday’s trade with Jesse Allen and John Heinberg from Total Farm Marketing: