We saw pressure in all three wheat complexes on Wednesday and that acted as an anchor on the corn market. Funds sold wheat much of the day Wednesday, with weakness being led by Minneapolis March, which has fallen to the lowest level since mid-October. Weather is still mostly bullish, but there are some showers forecast for southern Brazil. Soybeans though did find their way higher thanks to those weather fundamentals and strength in soybean oil. In livestock, it was more continued selling for cattle on the board today. Cash cattle trade has been noted in both the North and the South as packers used the corn market’s advancement to keep prices steady to $1.00 lower than last week’s trade. Meanwhile the lean hog market continues to rally aggressively as the futures market, pork cutouts and cash trade are all higher.
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 Market Talk:
https://open.spotify.com/episode/5kQ116hAPsP9U4bN4lV38X?si=dy3G09-0RxCgYjJ1y9LuFA
