Closing Market Report- 12/28/21- Wheat Meltdown Pulled Other Grains Lower


All three major ag commodities opened higher, but only soybean meal was able to stay in the green, making a new high for the move, before closing with a modest gain. Wheat markets plummeted again, led by Kansas City, which has now plunged more than 50 cents from Monday’s high. Corn fell hard as the market had become overdone. Little has changed with the South American weather forecast, but it may be too premature to kill the corn and soy crops there. January futures first notice day is Friday, and longs must exit their January long positions by Thursday or risk getting delivery. Livestock trade was mixed with cattle mostly higher and hogs mostly lower.

Farm and Ranch Director Jesse Allen has our closing report: