After some early profit taking in all three wheat classes, we saw the market rally as the breaks got bought. We saw a 75-80 cent trading range on the day in wheat with some new contract highs and a new contract high close in Chicago wheat today. Overall, the bullish factors remain in the wheat markets including India’s export ban, Russia/Ukraine and weather concerns both in the Northern and Southern Plains. So far, this week’s Wheat Quality Council tour of Kansas is showing varying crops with some good and some not so good.
Corn was lower on the day with a bit of spreading between old and new crop while soybeans were higher on the day in a nice upside move. Tightening stocks helped the oilseed move higher today with spot July and November finishing higher for the sixth consecutive day. Some of the strength came from the bean oil market, with Monday’s NOPA crush showing the smallest bean oil stocks in seven months. The lean hog market had another impressive day today while cattle were slightly lower.
Farm and Ranch Director Jesse Allen has our closing report:
Also, more analysis with Matt Bennett of AgMarket.net and Jesse Allen on today’s Market Talk below:
https://open.spotify.com/episode/2aFKWtdN3ZSgatNzuz6bcE?si=wgiEPWrZSLSxVK_fii0VNw
