In a relatively quiet trading day, corn and soybeans gravitated around unchanged in two-sided trade; then corn rose to challenge the 50-day moving average. Soybeans finished a penny higher on November, while spot September was very strong. Wheat futures fell in unison on a day with little news to report. The strength in corn comes despite what appeared to be a bearish ethanol production report from last week. With traders looking for a modest increase in production, ethanol production actually plunged 40,000 barrels per day to 933,000 barrels per day. Live cattle futures were under selling pressure due to lower boxed beef prices on the morning report. The concern is that boxed beef may have topped. Hogs were higher on higher cash prospects. However, that was limited by lower pork cutouts on Wednesday.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Mike Zuzolo of Global Commodity Analytics on today’s episode of Market Talk: