It was a wild, volatile day in the market trade on Thursday. You could probably catch whiplash by watching this market move around from the open to the close. Markets started to move lower amid hotter than expected inflation data with the CPI up 0.4% month on month and 8.2% year on year. That led to initial selling before markets turned back higher midday with wheat the upside leader. The dollar broke lower and that helped grains move higher with corn and soybeans firm to slightly higher. Livestock trade was quiet and choppy on the day.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with John Heinberg of Total Farm Marketing on today’s episode of Market Talk below. We also catch up with Kevin McNew, Chief Economist at Farmers Business Network, about a new FBN report about fertilizer pricing and planting intentions for 2023.
