July 7, 2022
Fargo, US 74 F

Closing Market Report- 4/22/22- Pressure In Soybeans, Meal and Corn; Wheat Firm on Friday

Corn and soybeans began Friday with solid gains before midmorning selling sent both sharply lower. Likely a combination of a conducive harvest forecast next week, options expiration and some long liquidation brought sellers into the markets. Soybeans fell hard in tandem with soy meal, and despite the soybean oil surge to new highs as Indonesia announced it’s banning the export of palm oil on April 28th for an indefinite amount of time. Wheat was a mixed bag, with Chicago lagging, but both hard wheat markets rallied on the poor weather outlook ahead. Cattle sold off ahead of the Cattle on Feed report while hogs had a solid day. View the Cattle on Feed and Cold Storage report numbers here: https://americanagnetwork.com/2022/04/cattle-on-feed-up-two-percent-cold-storage-report-also-released/

Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406

Also, more analysis with Ted Seifried of Zaner Ag Hedge and Jesse Allen on today’s episode of Market Talk below. Jesse also features a special interview with Karen St Germain, Earth Sciences Director at NASA, about some upcoming projects to help agriculture.

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