Grains
December corn closed up 2 3/4 cents per bushel at $3.97 1/4 and March corn was up 2 3/4 cents at $4.15. November soybeans closed up 11 1/2 cents at $10.44 1/4 and January soybeans were up 12 cents at $10.62 3/4. September KC wheat closed down 4 cents at $5.06 3/4, September Chicago wheat was up 2 1/4 cents at $5.07 1/4 and MIAX December Minneapolis wheat was up 0.01 cents at $5.9600.
Soybeans continued to move higher Wednesday, again reacting to the surprise cut in harvested acres and lower production despite a record yield as reflected in Tuesday's USDA report. Wheat in Chicago fell to a new low and Kansas City came within a penny of the same fate. Corn was able to bounce slightly following the Tuesday beatdown.
Livestock
Following the supportive trade that developed earlier this week for live cattle, traders are again twiddling their fingers, seeming to have the mindset that again asks: now what? On one hand, traders would like to continue to support the complex and push prices higher, but at the same time, they don't want to become overly aggressive and overextend the futures complex. So, as the market nears midday Wednesday, a mixed attitude has taken over the contracts as the nearby contracts are trading higher, but the deferred months are a tick more cautious and trading lower.
The feeder cattle complex is walking back some of its position following Tuesday's sporty jump as traders are concerned that there might not be enough technical support to keep prices trading higher. Some stronger sales were just noted in the Fed cash cattle market, which could help change traders' attitude, but that's yet to be seen.
The lean hog complex is trading lower even though the midday cutout report showed strong pork interest and the midday cash hog report showed stronger packer demand. Even so, the lean hog contracts are trading lower as technical pressure remains the issue for the market. October lean hogs are down $1.37 at $90.22, December lean hogs are down $1.45 at $82.35 and February lean hogs are down $1.45 at $85.12. It was interesting to see that the belly and the picnic jumped up over $6.00 higher on today's midday report.