We saw sharply lower trade on the day Tuesday as we wrapped up the month of May and came back from a long holiday weekend. Funds seemed to be liquidating their long positions led by Chicago and Kansas City wheat as we saw some contracts there limit down. News about Russia still potentially open to the idea of opening a grain export corridor from Ukraine was a big driver in the trade today for the wheat markets. We also may have seen some money rotate out of grain and livestock and back into the stock market and energies here today. The soy complex had a sharp reversal and an outside day down today while corn, cattle and hogs were also under substantial pressure.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jim McCormick of AgMarket.net and Jesse Allen on today’s Market Talk below:
https://open.spotify.com/episode/3l1bzJq2PhhW5fQllNWKth?si=jtrsFG4bTq2PaEc2nMblYQ
