Soybeans and soybean meal saw selling pressure to start the week as markets were very overbought. We couldn’t break through overhead resistance around $15 and that, coupled with good weekend rains in Argentina, sent buyers to the sidelines in soybeans and meal on Monday. Soybean oil was very oversold and saw strength come back in as we reversed that meal/oil spread a bit on the day.
Wheat and corn were firm with Chicago and KC wheat the upside leader. Maybe a bit more consolidation here but also a weekend drone strike on the Odessa port in Ukraine was a news item that was bullish to traders. Livestock action was mixed with live cattle finding some support in an otherwise choppy session.
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 and a look at the weather for the week ahead with Eric Snodgrass of Nutrien on today’s Market Talk below:
