Grains were mostly higher on the day Tuesday, led by the soy complex which was higher in beans and products on the day. Meal is threating to break out of a triangle chart pattern while soy oil surged on renewed strength in palm and crude oil. Tight cash markets have moved the corn and soy spot spreads to a 90-cent inverse on corn and a $1.03 inverse on beans as cash is tough to buy, and demand remains strong. Wheat was higher in the winter wheat contracts to day while Minneapolis spring wheat was the weak link on the day. Livestock trade was mostly lower as we saw hogs consolidate ahead of the Quarterly Hogs and Pigs report out Wednesday.
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/2oSeutwaKYujE2sobxyBQh?si=qJrjdmrtTFyAGFdz-NrBew
