By: NATHAN STUEDLE
GRAINS:
December corn closed down 2 cents and March corn was down 2 cents. November soybeans closed down 3 cents and January soybeans were down 3 1/4 cents. December KC wheat closed down 4 3/4 cents, December Chicago wheat was down 1 cents, December Minneapolis wheat was down 0 cents.
U.S. row crop futures chopped on both sides of unchanged at midweek, ultimately settling for marginal losses while finishing both above daily lows but also off the daily highs as well. Traders have shifted into a holding pattern, likely awaiting more demand and production news as the bulk of U.S. harvest fast approaches. Outside markets were mixed with equities lower for the second straight session, meanwhile energy markets posted a second straight firmer session with crude oil futures rising back to the upper end of the monthly price range. The U.S. dollar strengthened on Wednesday to its highest point in about two weeks, continuing to rebound from 3 1/2-year lows hit last week.
LIVESTOCK:
After two consecutive days of mostly stronger trading, the live cattle complex traded lower into Wednesday's closing bell, as traders were reluctant to advance the complex any higher without seeing immediate fundamental support, as many of the contracts are up against resistance pressure. Not to mention, it also hindered the market's confidence to see the equity markets trading lower through the day as well. Asking prices are now being reported in the South at $244 to $245-plus, but are still not established in the North. Trade could develop later today, but it's most likely that trade will develop sometime later this week.
The feeder cattle complex also traded lower into Wednesday's closing bell, as traders seem to be hitting the pause button on the market's advancement for the time being. Thankfully, feeder cattle sales have been trending mostly higher again this week after last week's slight dip.
The lean hog complex also traded lower as the market hasn't been able to sustain Tuesday's breakout move. It's not helping matters either this morning that both cash prices and pork cutout values are lower, and given that packers were aggressive early in the week for buying the cash market, it's likely that the cash prices will be softer throughout the rest of the week. Keep in mind that tomorrow, the Quarterly Hogs and Pigs report will be released from the USDA.