Chicago and Kansas City wheat both soared to new contract highs again but ran into roadblocks as markets had become excessively overbought and fund managers chose to take profits. Chicago March wheat appears to have formed a bearish chart pattern, called a bearish engulfing bar. Minneapolis wheat ended with modest gains. Corn and soybeans also faltered with corn rebuffed by the same chart area for about the sixth time. Livestock raced higher on Wednesday as the cash cattle market saw higher trade yet again this week. Some Northern dressed business was $9-10 higher than the previous week.
Grain and livestock markets will open Friday at 8:30am CST and close just after noon.