Grains and oilseeds were strong again on Tuesday as we saw August soybean meal closed up $24.90 Tuesday at a new contract high of $472.40, posting the largest percentage gain in the grain-related sector with wheat gains of 33 to 44 cents close behind. Strong commercial demand for physical meal plus a new appreciation for adverse weather in 2022 was behind much of Tuesday’s buying. Corn was the weakest of the three but still strong on the day. Livestock were mostly lower on the day as well.
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 on today’s Market Talk below with Jesse Allen. The show also features a conversation with John Bode from the Corn Refiners Association.