Soybean meal was the star of the show on Tuesday helping to move the soybean market higher. In a continuation of the oil share correction, we saw January soybean meal soar to the highest level since early July, pulling soybeans up as well, while soybean oil plunged to a six-month low. Rumors that some Iowa crushing plants took some unexpected down time, and tight cash supplies, a very firm soybean barge basis, along with more spreading between the products led to the surge. Just since mid-October, January meal has rallied $68 per ton.
We also corn up slightly and wheat was mixed. Cattle and hogs finished moderately lower in quiet trade. All of this while we await news from the Fed after their two day meeting wraps on Wednesday.
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 Brian Splitt with AgMarket.net on today’s Market Talk below: