Soybeans along with soybean meal and soybean oil finished a strong week with more strength on Friday. We did finish a bit off the highs across the board as there may have been a bit of end of the month profit taking seen as we wrap up July. Wheat found pressure on the day led down by spring wheat and that pulled corn lower as well. We are seeing the hot and dry weather forecasts for August be the main driver in the markets as we have settled some of the outside market pressure for the time being.
Livestock ended up having a good day today as wheat and corn faded. That allowed feeder cattle to move higher while we continued to see strength in lean hogs. Front month August hogs continue to move higher heading into August; now up at $120.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Kent Beadle of CHS Hedging and Jesse Allen on today’s Market Talk below. Plus, Dave Green of the Wheat Quality Council joins us for a recap of this week’s Spring Wheat and Durum Tour: