Grains:
March corn closed up 1 cent and May corn was up 1 1/4 cents. March soybeans closed up 26 1/2 cents and May soybeans were up 27 1/2 cents. March KC wheat closed down 4 1/2 cents, March Chicago wheat was down 2 cents, March MIAX Minneapolis wheat was down 2 1/4 cents.
What began as a fairly mundane session at midweek quickly became volatile following a midmorning social media post from President Trump, stating he had spoken with China's President Xi and hailed the conversation and general relationship with China as great, while pointing to increased soybean trade as a result. This obviously tripped headline driven algorithms to go on a buying spree across all soybean product markets, while providing positive influence on corn and wheat markets as well, though the latter would not sustain a move higher.
Livestock:
It's been another prosperous morning for the livestock complex as all three of the markets are trading fully higher into Wednesday's noon hour. Still no cash cattle trade has developed, but it's assumed prices will be higher again this week as the board's been incredibly supportive and market's fundamentals point to higher prices as market-ready supplies of cattle are thin.
The live cattle complex continued to rally aggressively into Wednesday's noon hour as the market is robustly supported by strong fundamentals. Aside from last week's bullish Cattle Inventory report, and the rally seen in last week's fed cash cattle market, the market knows market-ready supplies of cattle are thin right now and fed cash cattle prices are likely to continue to scale higher through at the least the first quarter of the year.
It's a full-fledged break-out day for the lean hog complex as the spot April contract scales to new contract highs as demand has been plentiful and the market isn't fearful of grinding higher.