It was tough day in the soybean and soybean oil trade on Thursday. We can call it a washout as soybean oil led the way lower while corn and wheat were down moderately. EPA’s announcement of RVO’s for 2023, 2024 and 2025 seemed to be the last straw that pushed the soybean oil market lower. We also saw more uninspiring weekly export sales on Thursday. The corn market did get a daily sale to Mexico of 114,300 MT.
Livestock trade was solid, especially in the lean hog market. We saw triple digit strength in hogs and the cattle market was fairly mixed after solid weekly export sales.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Bryan Doherty of Total Farm Marketing and a conversation with FSA Administrator Zach Ducheneaux on today’s Market Talk with Jesse Allen: