We saw all three wheat classes (Chicago, Kansas City and Minneapolis) move limit higher on Monday after India’s weekend announcement that it was banning exports of wheat with exceptions. Money flowed out of equities today into the food based commodities as a result with wheat seeing the biggest moves and new contract highs in KC and Minneapolis. Corn saw the positive money flow as well with new contract highs in December corn. Soybeans also were moderately higher with some spreading between soymeal and soyoil with meal higher and soyoil lower on the day. Lean hogs had a very nice move to the upside while cattle were mixed on the session.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with John Heinberg of Total Farm Marketing and Jesse Allen on today’s Market Talk below: