It was definitely a risk-on day for ag commodities, energy and equities. Wheat led the bullish parade again, with the focus on winter wheat markets, both here and in France scoring new contract highs as world supplies continue to be very tight. Grain and soy markets, led by bullish wheat, maintained solid gains. The strength comes despite export inspections which continue to lag last year by 18%, 27% and 15% on corn, soybeans and wheat respectively. Livestock were higher as well despite higher grain prices. It will be important for the market to find fundamental support in how both boxed beef and pork cutouts close, how the cash markets fair, and how aggressive Monday’s slaughter ends up being for hog markets.
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 John Heinberg of Total Farm Marketing on today’s episode of Market Talk below: