July 5, 2022
Fargo, US 69 F

Closing Market Report- 5/10/22- Grain Markets End Firm on Tuesday; Livestock Mostly Lower

We saw fairly firm, choppy trade on the day Tuesday. Wheat markets led a decent rally in grains with soybeans and meal solid and corn up slightly. Weather this week continues to be a storyline as the markets are going to be watching to see how much planting gets done in the eastern and central Corn Belt with hot dry weather in the forecast. The Northern Plains remain wet and there are whispers of prevent plant acres starting which would not be good considering we need all the acres we can get and then some. Markets will mostly likely remain choppy heading into Thursday’s WASDE report from USDA that will have our first look at the 2022-23 balance sheets.

Livestock trade started higher and then faded through the day with only a few hog contracts in the green. The cash cattle market has seen some trade develop in the South for $140, which is steady with last week’s business. Asking prices remain firm at $140 to $142 in the South and the North has yet to disclose what they’re asking.

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

Also, more market analysis with Brian Splitt of AgMarket.net and Jesse Allen on today’s Market Talk episode below:

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