The wheat markets continued to exhibit huge volatility, giving up early gains for the second straight day. Soybeans were very firm and solidly above $17 in the May contract for the first time in over a month, finishing above $17 for the first time in years. Soybean meal set a new high in July and bean oil was sharply higher on the heels of a $5 gain in crude oil futures. Corn was largely caught in the middle as traders are eyeing next week’s USDA report closely. Lean hogs surged higher and cattle had a good day as well on 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 Mike Zuzolo of Global Commodity Analytics on today’s Market Talk below: