By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain futures turned mixed Wednesday after an early round of profit-taking, with corn recovering while soybeans backed away from Tuesday’s big rally.
December corn was trading around $5.48, up roughly 2 cents after being down 6 to 8 cents early in the session. Corn and soybeans both made new highs overnight before sellers moved in, but buyers returned as the day progressed. A weaker dollar and firm crude oil provided some support to corn.
Soybeans remained under pressure after Tuesday’s nearly 30-cent advance. November beans were roughly 10 cents lower around $13.08 at midmorning. USDA did announce another sale of 202,000 metric tons of U.S. soybeans to China for the 2026-27 marketing year, helping beans recover from their session lows.
Wheat also reversed early weakness, with Chicago contracts moving higher as the session progressed. Black Sea concerns remain supportive after Russia suspended grain export duties through the end of the year as attacks disrupt shipping logistics. Russia also says it sees no reason to resume the Black Sea grain agreement.
So Wednesday’s grain trade is largely a consolidation session following the recent sharp rally — corn recovering into positive territory, soybeans giving back part of Tuesday’s gains, and wheat finding renewed support from continued Black Sea uncertainty.
LIVESTOCK MARKET SUMMARY
Livestock futures are mixed Wednesday, with live cattle under renewed pressure, feeder cattle moving higher and lean hogs posting modest gains.
October live cattle were down around $1.25 to $1.30 near $210.80, with December cattle down roughly 85 to 90 cents near $212.50. The market continues to consolidate following the recent selloff, despite stronger wholesale beef values. Choice boxed beef jumped $3.93 Tuesday to $379.75, while Select gained $1.96 to $360.45.
Feeder cattle were moving the opposite direction. September feeders were up just over $1 at roughly $321.37, while October gained around $1.07 to $316.47. The recovery in feeders comes despite continued volatility in the corn market.
Lean hogs were modestly higher. October hogs were trading around $84, up roughly 20 to 40 cents. The pork cutout gained 23 cents Tuesday to $97.90, although the CME lean hog index continues its seasonal decline and was down to $90.58.