Grain markets started the day with more follow through buying after plenty of funds got back into the markets to start the week. However, we came well off our highs in grains as the trade watches with one eye the ongoing Midwest crop tour and the other eye on the weather. The midday GFS models on Wednesday put more rain in Iowa and Illinois that could help soybeans especially. Soybeans did see another sale to China on the morning wire from USDA. Livestock were mixed with cattle quiet and lean hogs saw follow through selling pressure from Tuesday’s big move to the downside.
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. We also talk the global fertilizer markets and the latest news with Josh Linville of StoneX and a crop tour update with Ted Seifried of Zaner Ag Hedge.