Ag markets ended Wednesday in decidedly mixed fashion

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Corn futures posted a late-Wednesday comeback. Tuesday’s USDA reports implied record U.S. corn yield and harvest totals this fall, which weighed on CBOT futures Tuesday and again Wednesday. However, news of sizeable export sales boosted prices early today. Futures rallied from lower levels later in the day. September corn closed 0.5 cent lower at $3.58/bushel Wednesday, while December gained 0.75 to $3.6975.

Soybeans are declined in concert with soyoil. Talk of demand strength seemingly supported beans and meal Tuesday night, but the bean market couldn’t sustain the rise. Depressed Asian palm oil prices are still dragging soyoil quotes downward and seemed to pull beans downward as well. Meal remained surprisingly strong. September soybean futures slumped 14.75 cents to $10.795/bushel Wednesday afternoon, while November futures sagged 12.75 cents to $10.4675. September soyoil fell 0.66 cents to 33.99 cents/pound, but September soymeal advanced $3.5 to $368.7/ton.

The wheat markets proved generally weak Wednesday. Tuesday’s USDA reports also held bearish implications for wheat prices, but they had rebounded modestly last night. They turned lower again this morning, which may have reflected technical and pragmatic selling after the nearby contracts failed to top short-term moving average resistance. September CBOT wheat fell 10.0 cents to $5.28/bushel at its Wednesday settlement, while September KC wheat dropped 9.25 cents to $6.04/bushel, and September MWE wheat dipped 4.5 to $6.045.

Bearish cash news depressed cattle futures Wednesday. Fed cattle reportedly traded at $155/cwt (cents/pound) Tuesday evening and did so again this morning. As one would expect, the implied $5.00 weekly drop sent CME prices sharply lower. October live cattle futures dove 1.12 cents to 146.55 in late Wednesday trading, while December futures tumbled stalled at 148.75 cents/pound. Meanwhile, September feeder futures plunged 1.10 cents to 213.55 cents/pound and November futures sank 1.05 to 212.00.

The hog market rebounded from fresh lows. Diving cash hog and wholesale pork values have weighed heavily upon CME hog prices lately, but traders seemed to decide the recent breakdown had largely run its course this morning. For example, despite talk of surging seasonal supplies during late summer, traders also realize that grocers traditionally tend to buy aggressively for Labor Day features during the second half of August. October hog futures edged up 0.22 cents to 97.40 cents/pound as Wednesday’s CME pit session ended, while December advanced 0.90 cents to 88.20.

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