Closing Market Report- 2/17/21- Wheat and Livestock Weaker on Wednesday


March KC wheat gave back 13 cents of Tuesday’s 20 3/4 cent gain Wednesday, acclimating to a slow return toward more normal temperatures in the central Plains. March corn was slightly higher and March soybeans slightly lower after a day of quiet trading. It’s a peculiar week for the livestock marketplace as the countryside sits idly trying to assess the damage done by the recent storm in the form of lighter carcass weights, calves lost and the total amount of lost tonnage due to slower processing speeds. For the most part, the cattle contracts are trading doggishly as traders are leery of jumping into the market until further clarity is known, and the lean hog contracts are keeping with the modest progression like they’ve continued to do for the past month.

Farm and Ranch Director Jesse Allen has our full closing report: