We saw grain and livestock markets higher on Wednesday after the release of the February WASDE report from USDA. The average pre-report estimate shows that traders were looking for a more bullish outcome for corn and soybeans in Wednesday’s reports, while U.S. wheat stocks were increased far more than expected, although this has failed to deter Wednesday’s buying interest. The focus remains on dry conditions forecast for southern Brazil, Argentina and the Southern Plains of the U.S., while global leaders continue to try to reduce tensions between Russia and Ukraine. Livestock also had a strong day on Wednesday with plenty of strength in all but February lean hogs.
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 below: