By: NATHAN STUEDLE
GRAINS:
September corn closed down 9 1/2 cents and December corn was down 8 3/4 cents. September soybeans closed down 28 3/4 cents and November soybeans were down 27 1/4 cents. September KC wheat closed down 3/4 cents, September Chicago wheat was down 1 3/4 cents, September Minneapolis wheat was up 2 1/2 cents.
Grain markets closed lower Wednesday as favorable Midwest weather weighed on prices. Forecasts calling for widespread rainfall and generally favorable growing conditions pressured both corn and soybean futures, easing concerns about crop stress during key development stages. Wheat also finished slightly lower, although ongoing uncertainty surrounding grain exports from the Black Sea region continued to provide some underlying support to the wheat market. Overall, traders remain focused on weather forecasts as the market heads deeper into the critical pollination and pod-setting season.
LIVESTOCK:
Cattle futures posted a solid rebound Wednesday, recovering a portion of this week’s earlier losses. Traders were encouraged by bargain buying after the recent selloff, while cash cattle trade remained relatively quiet as the industry continues to watch this week’s negotiated sales. Despite concerns that the reopening of Mexican cattle imports could eventually increase supplies, the cash market has remained firm, helping support futures. Feeder cattle also finished higher, finding support from lower corn prices, which improve feeding margins for feedlots. Overall, the cattle complex showed signs of stabilization after several volatile sessions.
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