We saw soybeans and meal lead grains to a higher close after early weakness on Friday. In an otherwise quiet morning of trade, soybean meal exploded to a new contract high about midmorning. Soybeans were quick to follow, reaching the highest level since June. Corn, under pressure early, followed those markets higher. Wheat appears to have stabilized, following the extreme weakness seen lately. The latest forecasts are calling for a more distinct wet northern Brazil, dry southern Brazil/Argentina pattern for the week ahead, combined with hot temperatures in the driest southern areas. A sharp move lower in the U.S. dollar index is also a supportive feature across the grains.
Livestock had a mostly quiet, choppy day although we did see hogs move lower led by front month February being down over $3.00. Cattle trade fairly mixed given the weaker tone to the week.
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 Ted Seifried of Zaner Ag Hedge on today’s Market Talk below: