GRAINS:
Grain markets were lower Wednesday but still within their established weekly ranges as prices are consolidating ahead of the fresh round of USDA data on Friday. Traders appear content for the moment with their current positions going into Friday, although some choppiness in the days and hours leading up to the three reports at 11 a.m. Friday is to be expected. Outside market influence for Wednesday leaned negative as well as equity markets continue to experience choppy action as investors reassess inflation concerns and attempt to reallocate funds early in the New Year. The U.S. dollar is also rising sharply Wednesday and looks to challenge last week’s two-plus-year high. March corn closed down 4 cents and May corn was down 3 1/4 cents. March soybeans closed down 2 3/4 cents and May soybeans were down 1 3/4 cents. March KC wheat closed down 5 1/2 cents, March Chicago wheat was down 6 1/4 cents, March Minneapolis wheat was down 9 3/4 cents.
LIVESTOCK:
The livestock complex has seen a bit of change in morale as Wednesday’s trade played out as the cattle contracts are now trading lower while the hogs trade marginally higher. The lower dip in the cattle complex is likely stemming from the fact that traders want to hold up the market’s powerful roll until they’re reassured that this week’s cash cattle market is indeed going to trade higher. The lean hog complex may have potentially found some technical footing after nearly trading lower all of this past week.
