By: NATHAN STUEDLE
GRAINS:
March corn closed up 3/4 cent and May corn was up 1 cent. March soybeans closed down 1/2 cent and May soybeans were up 1/4 cent. March KC wheat closed up 12 1/4 cents, March Chicago wheat was up 9 1/4 cents, March Minneapolis wheat was up 5 3/4 cents.
U.S. crop markets traded almost uniformly higher overnight before turning mixed through the day session Wednesday. Two-sided trade was especially prevalent in the soybean market with futures technically overbought and feeling top heavy ahead of the USDA Ag Outlook Forum (with balance sheets unveiled early Thursday), which is expected to show higher soybean area to be planted in 2026. Wheat futures held to a nice recovery after an ugly session on Tuesday, while corn futures were stagnant and caught between influences from wheat and soybean markets. Outside markets for Wednesday were mixed with the U.S. Dollar Index moving higher for the third straight session and five of the past six. Crude oil futures have surged higher at midweek, back among the highest levels of 2026 thus far amid risk with negotiations between the U.S. and Iran ongoing but thus far reportedly yielding little in the way of a clear nuclear deal.
LIVESTOCK:
After rallying to highs not seen since October, the live cattle complex ended the session trading mixed to mostly lower as traders look for reassurance from the market's fundamentals. The cash cattle market remains absolutely silent, with no bids or asking prices having been noted yet. It's most likely that trade will be delayed until Friday again this week, and it is assumed that fed cash cattle prices will be higher again this week. Boxed beef prices are mixed: choice down $1.26 ($363.50) and select up $0.99 ($361.21) with a movement of 58 loads (43.87 loads of choice, 6.35 loads of select, zero loads of trim and 8.12 loads of ground beef).
The feeder cattle complex traded slightly more optimistically into midday Wednesday than the live cattle complex, and its contracts end the session mixed. Helping keep the feeder cattle contracts elevated is the strong demand in the countryside, as buyers know that supplies are going to remain thin and that if they want to fill their orders, they have to buy aggressively.
The lean hog complex was trading fully higher into Wednesday's closing bell as the market is pleased to have found some technical support after its straining downturn over the last week. Fundamental support remains lagging, and traders will eventually desire to see more support in pork demand.