Grains end mixed with corn higher, but soybeans don’t follow. Cattle and hogs both end higher.
Don Roose, U.S. Commodities says corn saw some fund buying on tight supplies and with help from concerns about Argentina weather.
Despite some forecasts for rain coming up its been hot and dry in Argentina trimming crop prospects.
However, the corn market could not take out overhead technical resistance again around $4.80.
Soybeans started higher with corn but turned lower in reaction to the NOPA crush report.
Crush was a record 206.6 million bu. with soybean oil stocks below estimates at 1.24 billion pounds.
However, soybean meal stocks were up sharply which weighed on the soybean meal market and in turn the soybeans.
Roose says the other headwind is Brazil’s record crop and basis levels that are over $1 under U.S. soybean prices.
Wheat futures ended mixed and have been unable to rally even with a pullback in the dollar.
Roose says cheaper Russian wheat is still undercutting the U.S. in the export market.
Live cattle futures ended higher after correcting the last two days, pulled up by more record cash.
Northern trade early this week was as high as $205.50, with Southern trade on Wednesday at $201, steady to $1 higher.
Feeder futures made more all-time highs pushed by fund buying and strong cash.
Lean hog futures were mostly higher as the lean hog index has risen and futures are setting at a discount.
Deferred futures made new highs again.
