GRAINS:
Corn, soybeans, meal and wheat extended their rally on Wednesday. December corn, October soymeal and all three wheats rose above their respective 50-day averages for the first time in months. The lone exception was bean oil futures, which fell again, pressured by weak crude and palm oil markets and the ongoing trade spat between Canada and China regarding canola. However, the rally and soaring barge freight may have priced U.S. corn out of the market. December corn closed up 3 1/2 cents per bushel at $4.13 3/4 and March corn was up 3 3/4 cents at $4.31 0/1. November soybeans closed up 9 1/2 cents at $10.22 1/2 and January soybeans were up 9 3/4 cents at $10.39 1/4. December KC wheat closed up 16 3/4 cents at $5.93 0/1, December Chicago wheat was up 14 cents at $5.81 3/4 and December Minneapolis wheat was up 16 cents at $6.23 1/4.
LIVESTOCK:
The live cattle complex traded indecisively Wednesday, not sure whether or not the market possesses enough support to take on resistance at its 100-day moving average of $181.17. Thankfully, boxed beef prices are higher again, which continues to highlight the fact that beef demand is seeing some improvement. However, traders are continuing to watch the cash cattle complex to see what its tone will be this week. Feedlot managers are aiming for steady prices, but with no bids or asking prices yet established, the true direction of the market remains unknown. Even though the live cattle complex traded higher at times, the feeder cattle market was lower as traders aren’t pleased with the live cattle market’s back-and-forth nature. And unless the live cattle complex is going to lend full support, traders are opting to remain skeptical and are playing the feeder cattle market cautiously. The lean hog complex is lower as the market pauses to see if pork demand is going to improve. Traders have recently thrived on the increased pork demand both here domestically and internationally, but with midday pork cutout values lower, traders have taken note of the change.
