May 20, 2022
Fargo, US 47 F

Closing Market Report- 5/13/22- Soy Complex has Sharp Up Day on Friday

The soy complex saw a ton of strength on the day Friday as we may have seen a delayed reaction to Thursday’s USDA numbers. Reduced stocks, a strong meal recovery, and bean oil sharply higher following crude oil higher, along with China buying old crop beans and dryness in Europe and wetness in the Canadian Prairies bulling up veg oil markets all combined to give the soy complex a strong move into the weekend. The wheat markets, after Thursday’s sharply higher move, set new contract highs early before seeing some profit taking. That was short lived though as buying came back into KC and Minneapolis wheat ahead of the close. Corn was moderately lower on the day as we saw profit taking there. Livestock had a nice rally on the session with lean hogs and feeder cattle higher.

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

Also, more analysis with DuWayne Bosse of Bolt Marketing and Jesse Allen on today’s Market Talk below:

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