By: NATHAN STUEDLE
GRAINS:
May corn closed up 4 3/4 cents and July corn was up 5 1/4 cents. May soybeans closed up 16 3/4 cents and July soybeans were up 16 1/4 cents. May KC wheat closed up 13 3/4 cents, May Chicago wheat was up 7 3/4 cents, May Minneapolis wheat was up 9 1/2 cents.
Soybean futures continued their choppy pattern for the week, regaining Tuesday's losses and then some ahead of the expected EPA biodiesel blending mandate announcement this week. Corn futures also rose on bullish biofuel news, with the EPA on Wednesday announcing waivers to allow the sale of E-15 nationwide through the summer, bolstering ethanol blending demand. Wheat futures were also higher on Wednesday. In geopolitical news, Iran rejected a 15-point U.S. proposal to end the war in the Middle East, with the two sides reportedly very far apart on demands. Crude oil futures fell on Wednesday despite little convincing evidence thus far that a ceasefire is on the immediate horizon. Still, the notion that some level of negotiating has taken place was enough to push equities higher at midweek.
LIVESTOCK:
Without any substantial fundamental support having developed, the live cattle complex again traded lower into the closing bell. An interesting development, however, is the fact that on today's boxed beef report, choice cuts were down substantially while select cuts jumped higher to print $5.00 over the price of choice cuts. What a wild time it is that we live in a world where there is more readily available finished beef than there is lean beef available. Still no cash cattle trade has developed but asking prices are noted in Texas at $238 to $240 but otherwise the market remains quiet at this point.
Today the feeder cattle complex followed the direction of the live cattle market as most of its contracts were lower. Although demand has been good in the countryside, as the market continues to grow closer to the resistance at the 40-day moving average, traders yearn to see even more fundamental support before taking on such a resistance barrier.
The lean hog complex traded mixed into Wednesday's close. Although a few of the summer 2026 contracts have found mild support, the market still hasn't established enough support to justify turning the contracts higher. The market is anxious to see Thursday's Quarterly Hogs and Pigs report as it should give some clarity as to what to expect in regards to demand in the coming months.