Some of the bullish panic in grains backed off a bit Wednesday, but May Chicago wheat was up its 75-cent limit and April crude oil is trading near $110 as the war rages on in Ukraine. May soybeans finished lower for the first time this week. More private estimates came out for South America’s crop with StoneX lowering Brazil soybean production to 121.2 mmt down from 126.5 mmt a month ago. That though did not stop the soy complex from finishing lower. Feeder cattle recovered with corn and soybeans lower and we saw mixed trade in live cattle and lean hogs on the day Wednesday.
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: