It was a risk-on day in the ag commodities ahead of the May WASDE report on Thursday. Gains were led by Minneapolis new crop September scoring a new high along with KC deferred wheat contracts. Corn and soy futures surged, with the soy complex following bean oil as gains were fueled by a sharp rise in crude oil. Overall, the money flow was solid into food and fuel based commodities. Traders now turn their attention to tomorrow’s report and wonder if USDA will have any surprises under their sleeve. Live cattle trade today was solid as well while feeder cattle and lean hogs were under pressure.
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: