GRAINS:
May corn closed down 2 3/4 cents and July corn was down 2 cents. May soybeans closed down 1 cent and July soybeans were down 1/4 cent. May KC wheat closed down 5 3/4 cents, May Chicago wheat was down 5 3/4 cents, May Minneapolis wheat was down 4 cents.
Row-crop futures fell marginally Wednesday, retreating from chart resistance after hitting fresh highs for their recent moves early this week, with little fundamental news to influence price direction. Outside markets have settled to some degree after a volatile start to the week amid the onset of war in the Middle East and corresponding disruptions to world energy trade. Crude oil futures, of course, remain elevated but have stalled on attempted moves above $75 per barrel on NYMEX futures. The U.S. Dollar Index also moved lower for the first time this week, still among the highest level of 2026 but a touch below the mid-January high after Tuesday’s reversal. Equity markets have recovered well from early Tuesday lows as investors recover from the initial market shock through the weekend and turn to monitoring the ongoing situation in the Middle East.
LIVESTOCK:
The live cattle complex was charging full steam ahead into Wednesday’s closing bell as the market is currently trading $3.00 to $4.00 higher into the afternoon. Pinpointing what’s driving the rally in the cattle sector is somewhat challenging, but more than anything it seems as though traders have reignited their bullish sentiment toward the market and are now giving the complex more technical support. There’s a single bid currently on the table in Nebraska at $375, but otherwise no cattle have traded yet in the cash market. Boxed beef prices are higher: choice up $0.78 ($388.83) and select up $1.79 ($380.37) with a movement of 52 loads (40.57 loads of choice, 4.68 loads of select, 2.56 loads of trim and 4.11 loads of ground beef).
Upon seeing the live cattle complex rally aggressively, the feeder cattle contracts jumped into action as well as most of the contracts were sizeable $6.00 to $7.00 increases. The 40-day moving average seems to be giving the complex a little bit of resistance, but if the live cattle complex continues to trade higher traders may elect to conquer it later in the week.
With a slight uptick in pork demand, the lean hog contracts were also rallying into Wednesday’s close. So far this week the market has chopped mostly sideways as traders haven’t wanted to push the contracts any higher without increased fundamental support. But the slight uptick in pork demand has traders willing to advance the contracts at this point in time.
