After a down day on Monday, grains were mostly higher overnight although fading a bit here after the open of trade. Planting progress remained slow last week but that is expected to pick up this week with hot, dry weather across much of the Corn Belt. Market bulls are also pointing to hot, dry forecasts for this summer as a reason to go higher however that is only something that should be watched at this point. The stock market so far is higher although inflation, lockdowns in China and more will continue to weight on markets. The VIX is near 33 this morning reflecting an elevated fear on Wall Street and that, along with the high U.S. dollar, will create headwinds.
Livestock markets are mostly higher to start after lean hogs had a dismal day on Monday. Not much activity yet in cash cattle country but we expect that to pick up as we go through today and into Wednesday.
On China’s Dalian exchange, September corn was down 0.6%, July soybeans were down 1.7%, September soybean meal was down 0.7% and September soybean oil was down 1.2%. June Malaysian palm oil is trading down 0.0%.
Farm and Ranch Director Jesse Allen has our opening market report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=845