On Tuesday, we saw corn, soybeans and soybean oil rocket higher amid South American weather concerns and new money flow into the markets with the new year upon us. Funds have been adding big time to longs in the corn and bean market. March soybean futures look to have broken out above from a bull flag chart pattern, while March bean oil shot up above the key 58 cent level, likely leading to a another run at the highs. Wheat ended up firm on the day as conditions get worse for winter wheat in the plains states.
With the onset of $6.00 corn, the live and feeder cattle contracts were under pressure on Tuesday. The cash cattle market hasn’t seen much attention and it’s likely most trade holds off until Wednesday or even potentially later in the week. We did see a bid in Nebraska. Meantime, lean hogs were mixed to mostly higher 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 Bill Biedermann of AgMarket.net on today’s Market Talk with Jesse Allen:
https://open.spotify.com/episode/1sO5WSK7eg3zQUGEUYSwdr?si=0a5eSGpqTX-8OcWm4mcmeA
