By: NATHAN STUEDLE
CLOSING GRAIN MARKET SUMMARY
Grain futures finished sharply higher Wednesday, with strength across corn, soybeans and wheat.
Corn posted solid gains. September corn finished at 4.73, up 9-and-three-quarter cents, while December gained 10 cents to close at 4.98. March corn added 9-and-three-quarter cents to finish at 5.13-and-three-quarters.
Soybeans led the move higher. September beans gained 21-and-a-half cents to 12.22-and-a-quarter, while November climbed 20 cents to 12.37-and-a-quarter. January gained 19-and-three-quarter cents, and soybean meal was also higher, with September meal up 5.90 at 318.90.
Wheat joined the rally. September Chicago wheat gained 15-and-three-quarter cents to 6.80-and-a-quarter, while December was up 16-and-a-quarter at 6.97-and-a-half.
Kansas City wheat was even stronger. September gained 18-and-a-quarter cents to 7.62, with December also up 18-and-a-quarter at 7.76-and-three-quarters.
Overall, it was a strong Wednesday session across the grain complex, with soybeans leading the advance and corn pushing December futures to within two cents of the five-dollar mark.
CLOSING LIVESTOCK MARKET SUMMARY
Livestock futures finished mixed Wednesday, with heavy selling in the cattle markets while lean hogs moved higher.
Live cattle were lower across the board. August dropped a dollar-47-and-a-half to 223.42, October fell a dollar-70 to 217.22, and December lost 2.05 to finish at 217.15. Deferred contracts were generally down between a dollar-70 and two dollars.
Feeder cattle took the biggest hit. August feeders dropped 2.37-and-a-half to 336.85, while September fell 4.22-and-a-half to 329.12. October was down 4.27-and-a-half, and several deferred contracts suffered losses of more than 4.50. Higher grain prices added pressure to the feeder market, with December corn climbing to 4.98.
Lean hogs moved the opposite direction, finishing higher across the board. October gained 77-and-a-half cents to 81.50, December added 50 cents to 71.42, and February gained 25 cents to finish at 74.25.
So, a sharply higher day for the grain markets translated into additional pressure on cattle, particularly feeders, while lean hog futures managed a broadly higher close.