Grains
December corn closed down 7 cents and March corn was down 8 cents. January soybeans closed down 17 1/4 cents and March soybeans were down 15 3/4 cents. December KC wheat closed down 10 3/4 cents, December Chicago wheat was down 9 3/4 cents, December MIAX Minneapolis wheat was down 1 1/2 cents.
The market turned lower across the board Wednesday in a general risk-off session which stretched from commodities to equity markets. In terms of agricultural products, despite no overtly bearish news to point to on Wednesday, there was also little on the bullish side to sustain momentum against firm chart resistance which may have long-term implications, especially for the soybean market. Energy markets were weaker on Wednesday and added a layer of pressure to corn and soybean oil markets, despite the weekly EIA Petroleum Status report showing lower U.S. crude inventories week over week.
Livestock:
The cattle contracts are trading lower into Wednesday's noon hour as the market is disgruntled with the lack of fundamental support. Some light trade has developed in the North, where dressed cattle were trading at $345, which is $6.00 lower than last week's weighted average.
Without a steadfast stamp of approval from the market's fundamentals, the live cattle contracts were back to trading lower. The market would anticipate that beef demand will begin a sharp fourth-quarter rally in the next week or two, as consumers secure their meat for the Christmas holiday. Still, with beef prices already high compared to years past, the market sits in an unknown position, unsure how much of a fourth-quarter rally is really going to play out.
The feeder cattle complex was also trading sharply lower as the market continued to closely follow the direction of the live cattle contracts.
Although midday pork cutout values are lower, once again, the lean hog contracts were trading slightly higher into Wednesday's noon hour as the market has seemed to stumble into some technical support.