GRAINS:
May corn closed down 3/4 cents and July corn was down 3/4 cents. May soybeans closed down 7 1/2 cents and July soybeans were down 7 1/4 cents. May KC wheat closed down 7 cents, May Chicago wheat was down 8 cents, May Minneapolis wheat was down 11 cents.
Grain traders continued to hit the sell button throughout Wednesday's trading session as soybeans again turned lower following Tuesday's brief reprieve. Meanwhile, corn futures acted early as if prices would hold on to small gains; but the ongoing selling spree in wheat futures pulled corn futures negative as well by midday. Outside market influence on agriculture futures on Wednesday was mixed as stock indices were up, but crude oil prices continue to slide back to their lowest level since early December. U.S. crude oil stocks fell for the first time since mid-January in Wednesday's Petroleum Status Report from the Energy Information Administration, although year-over-year weekly stocks remain up over 2%. Energy traders are expressing nervousness over the shaky consumer confidence reading Tuesday, and this weakness is spilling over into the grain complex as cash ethanol values have also slipped over the past week.
LIVESTOCK:
Traders have seemed to press the pause button on the live cattle market's rally as they're wanting to see what pans out fundamentally this week. Boxed beef demand has improved, and prices have trended mostly higher this week -- but while there is the belief that cash prices could trade steady/somewhat higher this week, you can't count your eggs before they hatch. The live cattle complex may be pulling up the reins on its market. As the feeder cattle complex headed towards Wednesday's closing bell, the nearby contracts gave way to the negative influence. Traders will likely watch any developments in the cash market and monitor feeder cattle buyer demand this afternoon. Following immense down-pressure, the lean hog complex has again seemed to find some support as nearly every contract traded higher by the close. Pork cutout values are higher too, which is lending support, but that's not a stable facet that traders are going to hone in on just yet as prices have been finicky.
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