Corn and wheat end mostly higher Wednesday, with the exception of spring wheat.
Shawn Hackett, with Hackett Financial Advisors, says funds have been covering shorts in the grain complex the last few days and may have been adding at least some risk premium.
However, he says the hot dry weather may not have hit at the right time to negatively impact the corn but there is still time with soybeans.
Today the corn and wheat were helped by the weakening dollar index and higher crude oil prices but ended off session highs on farmer selling.
Hard Red Spring wheat also corrected with the Wheat Quality Council Tour showing record yields on Day One at 52.5 bushels per acre.
Soybeans ended lower as midday weather forecasts put some rain in the Midwest for next week but Hackett says the weather story isn’t over for that crop.
Soybeans also saw hedge pressure and profit taking on spillover from the melt down in the financial markets where AI stocks got hammered.
Plus, the inability of November soybeans to break above the 20 day Moving Average on the charts resulted in a failure technically.
Cotton imploded for a second day as the market is economically sensitive and was keeping a watchful eye on the stock market.
However, Hackett says cotton has also faltered recently on weak demand and higher acreage and production estimates. In addition, cotton ratings improved 8% on Monday.
Live cattle end mixed on bull spreading while feeder cattle were lower also seeing some consolidation in the face of negative equity markets.
