Cash livestock/meat prices start 2022 well above year-ago.
Wheat futures erased most or all of Tuesday’s gains overnight, while corn and soybeans mildly favored the downside.
Too much heat and dryness across southern Brazil and northeastern Argentina, along with too much rain in some areas of central and northeastern Brazil continues to curb South American crop production prospects.
Individual state crop conditions ratings released on Monday showed major deterioration of the HRW wheat crop during December.
Soybean futures built on Monday’s gains overnight, while corn and wheat mildly rebounded from yesterday’s losses.
Corn and soybean futures are higher with wheat futures opening the new year mixed. Cattle futures are mildly weaker with lean hogs slightly higher.
The first trading session of the new year started with a bang as soy futures led overnight gains in the grain and soy complex.
Corn, soybeans and wheat traded both side of unchanged in light price action to kick off the last trading day of the year.
Soybeans and corn are trading lower and near session lows this morning, while wheat futures are mostly weaker.
Corn, soybean and wheat futures are trading near session lows this morning as markets extend Tuesday’s weaker (and low-range) closes.

Brian Grete