***** Corn and wheat futures closed lower on Wednesday, with losses in the corn market 2 1/2 to 4 3/4 cents, and wheat losses of 8 to 9 3/4 cents. Soybeans settled mostly lower with the nearby August contract 2 cents higher, deferred contracts were 6 3/4 to 10 1/4 lower.
Trade volume continues to decline in the corn market, an indicator that things aren't as bearish as they appear to be. December 2015 corn futures is nearing its daily and weekly support level of $4.08 1/2, with traders showing little buying interest on the way down.
Wheat futures continued its slide downward on Wednesday, and are poised to test previous lows if selling interest reemerges overnight into Thursday. The USDA weekly export shipment number for wheat is expected to come in bearish.
Soybean futures tested support levels today amid non-threatening weather and ideas crop ratings will stay steady to maybe improve next week. Soybeans are moving into their most important reproductive time frame in between now and the first week of September, and extra growth now can make fields look better over the next 10 days.
***** The livestock markets closed mixed on Wednesday. Live cattle futures finished with moderate losses of .75 to 1.175, lean hog futures were strong at .10 to 3.00 higher.
The live cattle futures market spiraled downward throughout the session amid follow-through selling and defensive midsummer beef demand. The sell-off in cattle futures started with the feeder futures on Tuesday, with rumors that some feeding firms were trimming feeding capacity either by closing a yard or running like beef plants at 75% of capacity. The lower feeder cattle futures quickly spread to the live cattle market - with both ending the day with triple digit losses.
Lean hog futures resurged on bull spreading and some improvement in late month supply and demand fundamentals.
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