A pullback in energy prices from Tuesday’s new highs led to a pullback in the soybean, soybean oil and corn market on Wednesday. December corn closed down 5 1/4 cents and November soybeans were down 8 1/2 cents. Corn also was lower in the face of higher ethanol production, up 7% from last week. December Minneapolis wheat closed up 13 1/2 cents at a new contract high of $9.39, anticipating a lower ending stocks estimate in next week’s WASDE report. We also saw cattle trade higher again with steady to slightly higher cash activity and hogs lower once again on the day.
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: