Grain and hogs markets end mixed Wednesday, with cattle higher.
Mike Minor, Professional Ag Marketing, says the markets shook off tariff talk and saw positioning end of month and before first notice day Friday.
Soybeans saw slight gains on a lower dollar and with talk of China business on top of the flash export sale of 4.85 million bushels announced Wednesday morning.
Market talk circulated of China buying 40 cargoes of soybeans this week with half originating from the U.S. the other half from South America.
Soybean meal was also stronger as spreads were unwound with soybean oil which supported soybeans.
Wheat buckled under the pressure of technical selling, cease fire talk in the Red Sea and chances for rain in parts of Russia.
Corn got caught between the higher soybeans and lower wheat to end mixed, although the December contract saw some liquidation ahead of delivery.
Cattle futures were solidly higher and feeder cattle scored more new highs for the move.
The market was supported by higher cash trade at $190 in the South which was up $3 to $4 live compared to last week’s weighted average. Nebraska traded some $190 and $295 dressed, up $5 from last week.
Feeder have also seen buying interest this week with import restrictions on Mexican feeder cattle with a case of New World Screwworm discovered in Mexico.
Lean hog futures made new contract highs again Wednesday and then consolidated.
However, Minor has been impressed with how well the hog market has absorbed the tariff threats as Mexico is the top export customer for U.S. pork and a trade war would hurt those sales.
