GRAINS:
Wheat and corn fell hard with Kansas City December wheat leading the way down with a fourth consecutive lower close. November soybeans traded around unchanged and the 50-day average for much of the day, while soybean oil was very firm for the fourth consecutive higher finish.
December corn closed down 7 cents per bushel at $4.06 3/4 and May corn was down 6 1/4 cents at $4.35 1/4. November soybeans closed down 3/4 cent at $10.13 1/4 and March soybeans were down 1/2 cent at $10.45 1/4. December KC wheat closed down 14 cents at $5.65 1/2, December Chicago wheat was down 10 1/4 cents at $5.66 1/2 and December Minneapolis wheat was down 8 3/4 cents at $6.08 3/4.
LIVESTOCK:
The live cattle complex is seeing phenomenal trader support as the equity markets are performing well following Chairman Powell’s announcement yesterday that interest rates were going to be cut by a half of a point. The spot December contract is currently trading above its 40-day moving average which has been a resistance point in which traders have mostly shied away from since the equity meltdown early in August. The market’s 40-day moving average will continue to be a threshold worth monitoring as closes above that price point signal bullishness but closed beneath that point signal market skepticism and some fear. A few bids are currently on the table in the North, but at this point still no sales have been reported as packers and feedlot managers go toe to toe. Bids of $182 live are currently being offered in Nebraska, and dressed bids of $288 are being offered in Iowa. Asking prices are noted in the South at $184 to $185, but still remain unestablished in the North. Packer interest could improve later this afternoon but with feedlot managers eager to hold cash prices steady this week, trade will likely be delayed until Friday. The lean hog complex is traded mixed with the nearby contracts trading higher, and the deferred contracts trading modestly lower. It’s helpful that midday pork cutout values were up as demand was mixed earlier this week.
