Soybeans and the soy complex took over bullish leadership of the grain and soy markets early on Wednesday, surging to new contract highs in spot July soy above $17.50, with November also scoring a new high before fading back. Soybean oil was also one of the largest percentage gainers today on the back of a surge in energy markets. Corn was along for the ride on some threatening long-term forecasts for the Corn Belt and the same was the case for the wheat markets. Cattle futures found a lot of buying strength mid session and surged while hogs fell back a little bit at the close.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Mike Zuzolo of Global Commodity Analytics and Jesse Allen on today’s Market Talk below: