Kentucky Farm Bureau

CBOT futures closed higher with KC/Chicago wheat leading the way by adding to Tuesday’s big gains.  Corn gained 5-6 cents/bushel on spillover from the wheat market and from fund buying.  Cattle futures closed moderately higher but near the day’s highs. Market support came from the continued strength in boxed beef values.

CBOT futures closed mostly steady to higher. KC and Chicago Wheat futures led the market today.  Cattle futures moved higher in early morning trade but then weakened with prices turning negative in the last half hour of trading.  

CBOT futures closed mixed with limited market news to trade on. A much stronger US Dollar today weighed on commodity prices, some more than others.  Cattle futures closed up sharply with the April LC contract closing near the day’s highs and posting the best gain for LC futures. LC futures charted “gap higher” openings.  

CBOT futures closed narrowly mixed after trading around one-percent ranges. Cattle futures closed sharply lower and near the day’s lows. The nearby April LC contract posted a bearish key reversal. Lean Hog futures closed little changed and remain near the April highs.

CBOT futures closed mixed with corn and soybeans reversing Tuesday’s direction, while wheat added to its gains.  Soybean futures dropped under pressure from the weaker soybean meal market. Corn benefitted from higher ethanol futures as energy prices rose sharply. Cattle futures closed higher with the nearby April LC contract gaining nearly a dollar/cwt. 

CBOT futures closed mixed on a lack of market direction from the fundamentals. Traders are watching weather forecasts for indications of when corn planting could accelerate. Cattle futures closed mostly higher but well off the day’s highs.  

Despite a weaker US Dollar and unfavorable Corn Belt weather, corn and soybean futures could not overcome the negativity coming out of the wheat futures market.  Cattle futures had disappointing closes with small gains or losses, near the day’s lows. Lean Hog futures closed much lower despite a strong pork market today. 

CBOT futures closed lower today. CBOT futures couldn’t benefit from the stronger energy futures and weak US dollar.   Cattle futures closed mostly higher after a day with narrower trading ranges.