By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain futures posted a strong rally across the board Wednesday, with wheat leading the charge.
Corn finished sharply higher, with September gaining 13 and a quarter cents to $5.14, while December added 13 cents to $5.36. The corn market continues to find support from declining crop-condition ratings and concerns over yield potential following the Pro Farmer Crop Tour. December corn pushed to a new contract high as fund buying added momentum to the rally.
Soybeans were also sharply higher. September beans gained 26 and a half cents to $12.54, while November jumped 28 cents to $12.66. Soybean meal participated in the rally, with December meal gaining $10.10 to $339.30.
But wheat was the standout. September Chicago wheat surged 45 cents to $7.30, with December also up 45 cents at $7.48. Kansas City wheat followed, September gaining 37 and a quarter cents to $7.92, while December added 38 cents to $8.08.
So it was essentially green across the grain complex Wednesday — corn up 13, beans up around 28, and wheat exploding 35 to 45 cents higher.
LIVESTOCK MARKET SUMMARY
Livestock futures were mostly higher Wednesday, rebounding from Tuesday’s sharp cattle selloff, while lean hogs posted gains across the board.
Live cattle were mixed in the nearby contracts but strengthened farther out. August gained 37 cents to $218.47, while October slipped 17 cents to $210.77. December gained 45 cents to $212.57, with deferred contracts finishing roughly 50 to 77 cents higher.
Feeder cattle showed a stronger recovery after Tuesday’s losses. August remained under pressure, losing 97 cents to $332.75, and September slipped 27 cents to $319 even. But October gained 92 cents, November jumped $1.80, and deferred feeders finished as much as $3 higher. Tuesday’s cattle break had been tied to weaker cash trade, liquidation and concerns surrounding renewed Mexican cattle imports.
Lean hogs were higher throughout the board. October gained 45 cents to $80.90, December added 62 to $70.97, and most contracts finished 35 to 67 cents higher.
Overall, a recovery day for much of the livestock complex, with deferred feeder cattle showing the strongest bounce following Tuesday’s heavy losses.