By: NATHAN STUEDLE
GRAINS:
December corn closed up 3 3/4 cents and March corn was up 3 cents. November soybeans closed unchanged and January soybeans were unchanged as well. December KC wheat closed down 1/4 cents, December Chicago wheat was down 1 1/2 cents, December Minneapolis wheat was down 2 1/2 cents.
For the most part, grains and oilseed markets were steady to slightly higher at midweek as traders continue to form price opinions without input from USDA and other government agency reports. The latest development in the U.S.-China trade war was President Trump's comments late Tuesday that the U.S. is preparing to restrict Chinese imports on goods such as cooking oil in retaliation to the boycott of U.S. soybeans, which supported U.S. soybean oil futures on Wednesday. Meanwhile, equity markets were higher, more-or-less recovering losses from last week's trade scare as investors continue to shrug off greater trade war concerns. Energy markets were lower again Wednesday, with crude oil futures closing in once again on May lows which were at the time the lowest price in over four years.
LIVESTOCK:
Following the tremendous gains seen earlier this week, the live cattle complex traded mixed as traders appear more cautious, seeming to need more fundamental support to develop before they'll advance the contracts any higher. Still no cash cattle trade has developed, but it is assumed that feedlot managers are going to aim for higher prices again this week. No bids have surfaced yet, and it's assumed that the market won't see some trade develop until Thursday or Friday. Asking prices are noted at $240 plus in the South.
The feeder cattle complex has been one of the biggest driving factors in the cattle market's recent rally, but it also traded mixed into Wednesday's closing bell, as traders have seemed to notice the immense gains the market has seen recently and want to see more fundamental support arise before they push the market any higher.
The lean hog complex traded higher as the futures seemed to find some footing in the marketplace after plummeting lower on Wednesday. Thankfully, the market is trading further away from its support plane at $82.00, which was a concern heading into the day as traders haven't been overly supportive of the market this week. But with a little improvement in the cash market, traders feel as though the market has traded lower enough for the near term.