It was a rough day to look at the markets on Wednesday as we saw a sea of red across the board with everything from commodities to energies to the stock market being hit. In fact, the risk-off pressure stemmed from the stock market and inflation concerns due to comments from Fed Chair Powell yesterday. The Dow Jones traded down around 1000 points today and that all spilled into commodities, livestock and energies on the session. Wheat, ignoring the bullish supply issues and social media pictures from poor wheat crops in Kansas, saw the most losses in grains today as they were the most overbought market.
Corn and soybeans were down double digits on the day while lean hogs managed to rally a bit into the close to be one of the only positive stories of Wednesday’s trade along with a few soymeal contracts. We did see an 8.4 million bushel soybean sale to Unknown Destinations this morning with most of that for new crop.
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: