By: NATHAN STUEDLE
GRAIN MARKET SUMMARY
Grain futures finished lower Wednesday, extending Tuesday’s pullback as harvest pressure, technical selling and a stronger U.S. dollar weighed on the market.
Corn futures closed roughly 4 to 7 cents lower. December corn had been down more than 7 cents overnight and remained under pressure through the session as harvest activity continues to build. The market also faced a firmer dollar, which reached a seven-week high and added another headwind for U.S. commodity prices. USDA did report a fresh sale of 100,000 metric tons of corn to Mexico, but that was not enough to reverse the weaker tone.
Soybeans ended about 5 to 8 cents lower. November futures traded near short-term technical support during the session, while traders continued to watch harvest progress and developments surrounding U.S.-China trade discussions.
Wheat also stayed under pressure, with contracts finishing roughly 7 to 9 cents lower. Chicago and Kansas City wheat had both fallen to nearly four-week lows overnight as technical weakness continued across the winter wheat markets.
Overall, Wednesday brought another defensive session for the grains, with corn, soybeans and wheat all finishing lower for a second straight day following Monday’s sharp rally.
LIVESTOCK MARKET SUMMARY
Cattle futures moved sharply higher Wednesday, reversing Tuesday’s losses and continuing the market’s recent pattern of large day-to-day swings.
Live cattle finished roughly $2 to $3 higher, supported by technical buying after futures held key support earlier in the week. Cash cattle trade had begun around $222 early this week, slightly below the previous week’s average, while Choice boxed beef moved higher Tuesday.
Feeder cattle were the standout, surging about $6 higher across much of the board. The move followed Tuesday’s decline and once again highlighted the extreme volatility that has defined feeder cattle trade over the past several sessions.
Lean hogs were expected to trade with a firmer tone as futures continued trying to recover from recent lows, although seasonal weakness in the cash market remains a limiting factor.
The livestock story Wednesday was another sharp reversal: live cattle bounced $2 to $3, feeders exploded roughly $6 higher, and the cattle market once again showed just how quickly momentum can flip from one session to the next.