July 6, 2022
Fargo, US 73 F

Closing Market Report- 5/5/22- Wheat Markets Up Sharply; Corn and Soybeans Firm

It was another busy day in the market trade on Thursday. Wheat futures rose sharply for the second straight day due to possible wheat export restrictions coming from India and word from Oklahoma that the HRW crop could be half that of last year. Soybeans gained some strength from the modest rebound in soybean meal from recent new lows. Corn traded both sides of unchanged in quiet action, finishing firm.

Meantime, the stock market took a beating today giving back all of yesterday’s gains and then some as of this writing. Cattle markets were a bit lower on the day thanks largely to the drop in stocks. The U.S. dollar is back higher and we also saw crude oil trade mixed today. Lean hog markets overall saw some good strength as the board and cash rallied together on Thursday.

Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406

Also, more analysis today on Market Talk with Jesse Allen and Bryan Doherty of Total Farm Marketing. Plus, we talked this morning about the weather forecast upcoming with Eric Snodgrass of Nurtrien. Both are below:

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