It was a “risk off” trading day again in stocks and equities with the tech sector seeing big selling pressure. That spilled over into wheat and corn on the day with sharp losses seen in all three wheat classes and the corn market. Fund were sellers on the day getting rid of an estimated 13,000 corn; 4,000 beans; and 10,000 Chicago wheat. News of a deal between Brazil and China hit the corn market on Tuesday as a phytosanitary deal was reached between the two countries to allow exports of Brazilian corn to China. The soy complex was resilient in the face of outside pressure and traded mixed on the day, maybe some spreading against corn. Feeder cattle and deferred live cattle also had a solid day while hogs took a breather.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Bill Biedermann of AgMarket.net and Jesse Allen on today’s Market Talk below: