Spot March and new-crop November soybean futures each scored new contract highs Thursday with March rising to the highest level since August 2021. Soybean oil also scored a new high, helped by the crude oil market, which had eclipsed $88 per barrel at one point Thursday before fading back. Wheat futures closed sharply lower again on a slight easing of the Russia-Ukraine conflict and beneficial moisture in the Southern Plains. We also saw a surging US Dollar Index on Thursday. Hogs found selling pressure despite solid weekly export sales and cattle futures chopped sideways on the day.
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 Bryan Doherty of Total Farm Marketing on today’s Market Talk below:
https://open.spotify.com/episode/0d6QOnlWK456oAG9Q0pkRL?si=3FCPfvcfRDurSTnhbRAAjQ
