We saw consolidation and weaker trade in all three grains today as winter wheat and soybeans led the way lower. USDA announced a new sale of old crop soybeans of 318,200 mt (11.7 million bushels) to unknown destinations for 2021-22 on this morning’s wire while weekly export sales were within the range of expectations for the week ended March 17th. As the Russia-Ukraine battle continues, President Biden is in Europe for a meeting with NATO, G-7 and EU leaders as they announced further sanctions against Russia. The world now waits to see what their response will be and how that affects not only the fighting and humanitarian crisis on the ground but the markets moving forward.
Meantime, we saw a marketing year high in beef today on the weekly export sales and that spilled into moderately higher trade in live and feeder cattle on Thursday. The lean hog market had a consolidation day as well after the big move higher yesterday.
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 John Heinberg of Total Farm Marketing on today’s episode of Market Talk below: