Well volatility came as advertised on Thursday as we had the release of USDA’s Quarterly Grain Stocks and June Acreage reports along with the end of the month and a holiday weekend coming up. Outside markets also played a factor in downside pressure in grains as we see worry again on the stock market with the VIX near 29 today. The USDA reports were mostly as expected with the exception of a lower soybean acreage number than the trade was expecting. New-crop contracts of corn and wheat fell to new lows Thursday as we test some 200 day moving averages while soybean meal defied the selling pressure and closed higher. Cattle trade was mostly higher led by feeder cattle while lean hogs had a somewhat surprising reaction to Wednesday’s hogs and pigs report by moving lower.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Bryan Doherty of Total Farm Marketing and a conversation with Dalton Henry from US Wheat Associates on today’s episode of Market Talk with Jesse Allen below: