Coming out of the weekend and into Monday, grain markets rallied as the weather forecast remains hot and dry for the western Corn Belt the next week to two weeks. That seemed to be the spark to our upside move today while outside markets acted more as a tailwind than a headwind today. The soy complex and wheat were the upside leaders with corn following behind. We did lose a but of premium into the close but overall it was green across the screen today. Spec funds stepped back in today as well buying around 7000 to 9000 contracts of corn, soybeans, soybean oil and wheat today. Livestock were mostly higher on the day with lean hogs leading to the upside as we found solid support to start the week.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis of the markets today with DuWayne Bosse of Bolt Marketing on today’s Market Talk below with Jesse Allen. We also get a look at this week’s weather forecast with Eric Snodgrass of Nutrien and talk corn disease progression with Kim Tutor of BASF.
https://open.spotify.com/episode/08CCylmcCErHRA1Z8eg2QO?si=9UJfthttSayO48xRP9t6iQ
