Corn, soybeans and wheat all found support again on Tuesday as we saw declining crop ratings from USDA in corn and soybeans and more poor results from this week’s crop tour. Wheat felt like a follower but was still up double digits on the day, right behind corn and soybeans. In livestock trade, lean hogs had a wild ride as we saw a sharp fall in midday cutout values. Pork cutouts at midday were down $11.14 while we saw bellies print $47.37 lower on the morning cutout report. Cattle held up well in the face of corn moving higher.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Brian Splitt of AgMarket.net on today’s Market Talk below with Jesse Allen: