By: NATHAN STUEDLE
GRAINS:
July corn closed down 2 3/4 cents and December corn was down 2 1/2 cents. July soybeans closed down 8 1/4 cents and November soybeans were down 6 3/4 cents. July KC wheat closed down 1 cent, July Chicago wheat was down 1 cent and July Minneapolis wheat was down 3 3/4 cents.
Corn and soybean markets were quietly lower on Wednesday, with upward price momentum still limited by overall good growing season weather and crop conditions heading into the final stretch of June. Wheat futures appeared for much of the session to be on a path to breaking a three-day lower streak, but ultimately faded from early highs and turned lower as well. Overall, a lack of potent bullish storylines combined with seasonal bearish tendencies is working to keep a firm hand on row crop prices. Outside energy markets continue to lean bearish, with WTI crude prices working towards a ninth straight lower session despite Wednesday's Petroleum Status report showing yet another drawdown in the Strategic Petroleum Reserve (the thirteenth straight week), to the lowest level since the early 1980s. On the other hand, weekly U.S. crude production was the largest weekly total through 2026 to date at 13.819 million barrels per day (bpd).
LIVESTOCK:
Although the market has yet to see any trade in the cash cattle complex and boxed beef prices are mixed, the live cattle contracts were trading higher as traders are willing to mildly support the complex in the meantime. No cash cattle trade has developed yet and bids and asking prices are both elusive at this point. It's most likely that trade will be delayed until Friday again as feedlot managers will try to hold out in hopes that packers will up their bids when bidding does start.
Upon seeing the live cattle complex trading higher, the feeder cattle contracts also pushed to trading higher into Wednesday's close. Not only are traders willing to advance the board because of the live cattle contract's support, but with the increased demand in the countryside for feeder cattle, fundamental support is also encouraging the complex.
The lean hog complex traded narrowly mixed into Wednesday's closing bell, as the market desires to see greater fundamental support and with both midday pork cutout values and cash prices lower, traders are leery. Do remember that tomorrow (Thursday) the Quarterly Hogs and Pigs report is set to be released.