By: NATHAN STUEDLE
GRAINS:
December corn closed up 3 1/4 cents and March corn was up 2 1/4 cents. January soybeans closed up 6 1/2 cents and March soybeans were up 6 cents. December KC wheat closed up 1 3/4 cents, December Chicago wheat was unchanged, December Minneapolis wheat was up 1/4 cents.
Row crops moved modestly higher Wednesday in another choppy session as corn and soybean prices benefitted from late strength to move back toward recent highs with traders awaiting USDA guidance on Friday in what will be the first Crop Production and WASDE reports since Sept. 12. Meanwhile, outside markets were mixed with lower energy futures, led by a sharply lower crude market on renewed world supply concerns following the monthly OPEC+ report. Stock indices were mixed, with the Dow Jones completing a comeback over the last four sessions to set new record highs on Wednesday. The markets as a whole are expressing optimism that the government shutdown will soon end, with the House of Representatives set to vote this evening on the funding package approved earlier this week by the Senate.
LIVESTOCK:
Following Monday's sharp run-up, the live cattle complex is now back to trading in a more cautious manner as traders look around for support and reassurance. No cash cattle trade has developed yet, but asking prices are noted at $232 plus in the South, but asking prices in the North remain unestablished at this point. There's a chance that trade could hold steady this week if the board remains supportive, as holiday demand is right around the corner.
The feeder cattle complex also traded lower as the market looks for some fundamental support to reassure traders that Monday's big jump was justified. It's most likely that the reason why the deferred contracts are trading so much lower is because, in this volatile market, with time, looms risk.
The lean hog complex also traded lower as the market wants to see more consumer support. And until traders see more widespread fundamental support, they'll likely either let the contracts trade sideways or venture a tick lower as the contracts need reassurance.