Grains Led by Higher Wheat Complex

Today’s grain markets were led higher by the wheat complex. Allendale Chief Strategist Rich Nelson says to keep an eye on the Kansas winter wheat tour. “Results are announced Thursday. So, at this point in time, the trade is bracing for some scary looking pictures and a lot of commentary on Twitter.” Nelson adds the trade is also discussing corn and soybean planting, with the possibility of weather delays. The cattle market is experiencing some profit taking. “Cash cattle was a great winner last week. However, the market is taking a skeptical view of that today. On the hog side, we’re seeing more support today compared to late last week.”