Soybeans were the upside leader today as the U.S. soybean balance sheet continues to tighten on a series of old-and new-crop purchases from China and unknown destinations. More rumors of China buying sent soybean, meal and oil futures to significant gains. Old-crop corn futures went along for the ride as some spread trade was evident in both corn and soybeans. Wheat markets sold off on the prospect for some much-needed Plains moisture, more snow in the forecast for the Northern Plains and general money flow out of the complex. Cattle were solid on the day as hogs pulled back.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Mike Zuzolo of Global Commodity Analytics and Jesse Allen on today’s Market Talk below. Jesse also has a conversation with Josh Linville, Director of Fertilizer at StoneX, on today’s program.