Ahead of Wednesday’s data-rich January USDA and WASDE reports, we find the soybean and meal markets setting back sharply from overbought conditions. Corn and soybean oil also participated in the pullback. All three wheat markets recovered some from dynamic losses since the end of November, with all but Minneapolis finishing higher. Chances for scattered showers for southern Brazil and Argentina next week have weighed further on row crops as well.
With African swine fever continuing to spread in Europe, the lean hog complex is feeling pressured to start the week. New showlists appear to be mixed, higher in Kansas, Nebraska/Colorado, but lower in Texas. There are also Omicron concerns across the protein sector as worker absenteeism could cause slowing chain speeds and limited supply to retailers.
Farm and Ranch Director Jesse Allen has our closing report:
Also, more analysis with Jesse Allen and John Heinberg from Total Farm Marketing on today’s Market Talk: