Chicago and Kansas City wheat spot contracts set new contract highs again on Tuesday as all three wheats were higher on the session. Extreme wet weather in eastern Australia continues to cause concern over quality down there, while the outlook for the U.S. Southern Plains also remains a concern. Over the next 10 days, soggy eastern Australia may get from 4 to 5 inches more of rain.
Corn was up slightly as crude oil rallied along with soybean oil and the strength in wheat also helped corn. Soybeans on the other hand were under a little pressure as soybean meal was down moderately on the day. Cattle were stronger as fundamentals are there to support the market. Cash trade is still looking for $1 or $2 higher this week as we still wait for more action. Hogs were mixed to higher on the day.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
And, more analysis with Jesse Allen and Matt Bennett of AgMarket.net on today’s episode of Market Talk below: