Closing Market Report- 11/2/21- Profit Taking Hits Wheat and Corn, Soybeans Higher


Profit taking hit the wheat and corn markets on Tuesday. One day after all three U.S. wheats made new contract highs Monday, December
Minneapolis wheat held steady, while the two winter wheat contracts pulled back. However, at one point Minneapolis wheat as over 20 cents off the high from the overnight. Soybeans showed good strength on the day as December soybean meal posted an unexpected gain of $8.10, continuing to reassert its value after five months of persistent selling.

Cattle futures were strong on the day despite little to no cash activity while lean hogs couldn’t maintain follow through strength and selling occurred there. Farm and Ranch Director Jesse Allen has our closing report:

And, more analysis with Jesse Allen and Bill Biedermann of on today’s episode of Market Talk: