Well the grains trade survived early selling pressure to finish mixed on the day. July corn closed up 4 1/4 cents Wednesday after surviving an early burst of selling that took prices down 17 1/2 cents shortly after the 8:30 a.m. CDT open. July soybeans were down 22 1/2 cents early but ended the session down 8 1/4 cents. The corn market gained back only a small portion of Tuesday losses as rumors have China picking up some summer U.S. corn on the break. Funds sold another estimated 15,000 contracts of corn prior to the bounce. Soybeans retreated as bean oil and meal weakened again near the close. Wheat was under pressure on forecasts for more rain in hard and soft wheat areas.
The support that was thriving throughout the livestock complex on Tuesday dissipated and left the livestock sector to trade mostly lower. Once the grain market turned around that sucked the life out of cattle and hogs. The Fed Cattle Exchange Auction listed a total of 15,237 head, of which 1,419 actually sold, 1,081 head were scratched from the auction and 12,737 head were listed as unsold, as they did not meet the reserve prices that ranged from $117 to $120. Export sales tomorrow will be key to watch for grain and livestock.
Farm and Ranch Director Jesse Allen has our closing market report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and John Heinberg of Total Farm Marketing on today’s episode of Market Talk below: