Grain markets finished mixed on Wednesday, with soybeans rising above the $10 mark after a boost from political developments.
November soybeans closed at $10.13 per bushel, up 11¼¢, while December corn ended a penny higher at $4.16½ per bushel. December Chicago Board of Trade wheat gained 1¼¢ to settle at $5.09¼, while December Kansas City wheat fell 2¼¢ to $4.95½ and December Minneapolis wheat declined 5¾¢ to $5.57.
The soybean rally followed a Truth Social post from President Donald Trump, who pledged to use tariff revenue to support farmers impacted by the loss of Chinese demand during the trade war. He also announced that soybeans would be a key topic in his upcoming meeting with Chinese President Xi Jinping.
In livestock markets, December live cattle slipped 28¢ to $234.50 per hundredweight, November feeder cattle dropped $1.75 to $357.60, and December lean hogs fell $1.83 to $86.90.
Outside markets showed modest movement. November crude oil was down 37¢ to $62 per barrel in afternoon trade. The S&P 500 Index gained 22.74 points, while the Dow Jones Industrial Average advanced 43.21 points.
Uncertainty remains over upcoming agricultural reports due to the ongoing government shutdown. The USDA’s National Agricultural Statistics Service has suspended publication of its weekly Crop Progress report, while next week’s World Agricultural Supply and Demand Estimates (WASDE) is also expected to be delayed.
