By: NATHAN STUEDLE
GRAINS:
September corn closed down 3/4 cents and December corn was down 1/2 cents. August soybeans closed down 4 1/2 cents and November soybeans were down 2 3/4 cents. September KC wheat closed down 9 3/4 cents, September Chicago wheat was down 9 cents, September Minneapolis wheat was down 3 3/4 cents.
It was another mixed session for row crop markets on Wednesday as an early spark stemming from President Trump's announcement of a trade deal with Japan, as well as early details on an agreement with the Philippines and framework for the deal with Indonesia as well, was quickly extinguished as trader focus remains on friendly growing season weather and a seasonal tendency for prices to decline through late summer into fall. Outside markets were mixed with equities higher on the trade announcements, while energy markets were mostly lower with NYMEX crude oil futures on their way to an eighth consecutive lower session.
LIVESTOCK:
It's another rip-roaring, rallying day for the live cattle complex as the contracts etched into new territory yet again today. It could potentially be that traders are excited to hear about the trade deal that President Trump worked out with Japan, as it will obviously open up more opportunities for more beef to be marketed. Still today, no cash cattle trade has developed, but asking prices are now noted in the South at $232 but remain unestablished still in the North.
Up, up and away went the feeder cattle complex as the market saw deferred contracts trade as much as $4.50 higher into Wednesday's noon hour. More than anything, it seems as though traders are not only recognizing the fact that supplies are going to remain tight, but that they're also adjusting their position from a technical standpoint because of it.
The cattle contracts may be rallying but the lean hog complex again traded lower as traders remain stalemate in their hopes to advance the complex. This morning, pork demand was higher so traders can't point to disappointing market fundamentals. It seems as though traders are running into some resistance pressure, which is hindering the contracts from trading any higher.
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