It was a big risk off day commodity wide on Monday with wheat and soybeans leading to the downside in grains. Crude oil is down over 5% today and that helped fuel the move before computers took over and momentum carried us lower. A lot of news out China with Covid shutdowns there, more Ukraine news as well as watching South America, HPAI in the U.S. and preparing for Thursday’s USDA numbers are all market factors right now. Lean hogs had a good day today with cattle futures trading down a bit.
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 from Total Farm Marketing on today’s Market Talk below: