By: NATHAN STUEDLE
St. Joseph Post
GRAINS:
July corn closed up 6 1/2 cents and December corn was up 7 cents. July soybeans closed up 9 3/4 cents and November soybeans were up 11 1/4 cents. July KC wheat closed up 4 1/4 cents, July Chicago wheat was up 3 1/4 cents, July MIAX Minneapolis wheat was up 6 1/2 cents.
U.S. markets again posted solid gains across the major row crops on Wednesday, with soybeans catching a bid and surging to a double-digit gain. Wheat markets continue to attract buying attention as heavy-selling speculators thus far through the spring may be viewing their positions as of last week as overexposed given the worrisome weather across several key wheat growing regions in the world. Corn was again able to borrow strength from the wheat market as well as some emerging concerns of potential late-season planting delays primarily in the Eastern Corn Belt. Outside markets for Wednesday were mixed, with the U.S. Dollar Index continuing to sink following Moody's credit downgrade on Monday, while energy markets have faded off early strength which was due to reports that Israel was preparing a strike against Iran's nuclear infrastructure.
LIVESTOCK:
The live cattle complex traded mildly higher as traders showed light interest toward the market, but don't have enough technical buy-in to do much. It is supportive that boxed beef prices were higher, but as mentioned, it's unlikely that traders are going to do much with that positive fundamental development ahead of the long three-day weekend. Still no cash cattle trade has developed, and bids and asking prices remain elusive. It is assumed that prices will trade steady at best this week as packers have been able to buy some supply in recent weeks.
Although the live cattle complex was lending support, the feeder cattle contracts mostly traded lower into Wednesday's closing bell, as traders don't feel comfortable advancing the contracts at this point. Prices in the countryside have dipped slightly this week as some buyers have fulfilled their needs already for grass orders, and others are still leery of being overstocked with drought lingering.
The lean hog complex seemed to gain a second wind as the contracts are trading mostly higher into Wednesday's noon hour. Pork cutout values were up slightly, at midday it was not enough to be the sole reason why traders pushed the contracts higher at noon today. The spot June contract is battling the market's resistance at $100, and the complex finished in the red by the closing bell.
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