Corn, wheat and the entire soy complex soared higher on Wednesday. South American weather and possible yield concerns in Brazil along with inflation and worries of Russia/Ukraine tensions all aided the move higher on the day. Funds were sizable buyers of grains, soy and products on Wednesday to add to growing net longs in all but Chicago wheat, where they are still covering a short position.
The livestock complex also found ample support, which pushed the live cattle and lean hog contracts higher. The feeder cattle contracts were more mixed as they also had to manage the pressures of a rallying corn complex.
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 Mike Zuzolo of Global Commodity Analytics on today’s episode of Market Talk below: