Grains and livestock are mixed to lower early Wednesday.
DuWayne Bosse of Bolt Marketing says soybeans are consolidating with products, despite a 30,000 MT sale of bean oil to South Korea.
Soybeans have been ignoring the strong export and crush demand due to fears about tariffs and a trade war with China.
While soybean have held just above contract low areas this week he is concerned those areas may be vulnerable with the record Brazil crop that is being forecast.
Corn is following soybeans with some light support from drier longer term weather in Argentina.
However, the market also hit chart resistance and is being held back by the lower soybean market.
Bosse says in order to get above technical resistance the trade will need to see a problem in South America or U.S. ending stocks trimmed below 1.9 billion bu. in the December WASDE.
Wheat is trying to bounce with some short covering but the headwinds continue to be the higher dollar and lower European wheat prices.
Cattle futures are consolidating after the higher day yesterday as the markets ran into chart resistance and saw lower boxed beef values.
Hogs are also seeing some more profit taking with lower cutouts, but will the funds buy the break again defending their record long position?
