Closing Market Report- 11/30/21- Another Risk Off Day on Tuesday

We saw sharp losses on Tuesday in most financial, energy and ag markets. On the ag side, wheat, soybeans, soy oil and corn led us to the downside. In fact, only a stray soybean meal and lean hog contract or two was all that ended up positive on the day today. Wheat has now fallen anywhere from 70 to 90 cents in the past several days. While little is known about the severity of the new strain of COVID, it would appear the worst is expected based on Tuesday’s trade as that was a major influence. We also must keep in mind typical end of the month selling and money flow out of ag commodities. We also got more hawkish news from Fed Chair Powell this morning that influenced us to the downside on Tuesday.

Farm and Ranch Director Jesse Allen has our closing report:

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