Corn, soybeans and soybean meal were under pressure for much of Monday, with corn bouncing back near unchanged and soybeans and meal finishing with solid losses. There was not a lot of news to drive the markets Monday, other than continued fallout from the new COVID variant and still-weak soybean demand. Expectations are for the usually non-eventful December USDA report to reflect only minor changes in ending stocks for the big three ag commodities on Thursday.
Hogs were under substantial pressure as a result of the large decline of cutouts on Friday plus the idea that packers may not be quite as aggressive. Cattle traded higher with moderate strength in both live and feeder cattle.
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: