Markets Showed Unusual Patterns During February

Last week’s invasion of Ukraine by Russia turned a market already moving unusually for February on its head.  Jason Britt of Central States Commodities says a typical February would have seen the market react the most to projections from USDA’s Ag Outlook Forum.

Livestock markets went sharply lower in response to surging grain and energy futures.  That reversed the upward trend in lean hogs which had seen several contract highs set in February.  However, Britt says he remains bullish.

USDA’s next major report that could influence the markets is their monthly update to the World Ag Supply and Demand Estimates on March 9th and the Prospective Plantings report March 31st.