Grain and livestock markets finished higher Wednesday despite a sharply stronger U.S. dollar, as broad commodity buying supported prices through the session, according to Your Ag Network anylyst and owner of Midwest Market Solutions, Brian Hoops.
Hoops reports that corn futures closed 4¼ cents higher, while soybeans gained 7½ cents. Wheat also posted solid advances, with Chicago wheat up 12 cents and Kansas City wheat 9¼ cents higher at the close.
No private export sales were announced during the session. However, the weekly Energy Information Administration report provided support to corn, showing ethanol production at 1.114 million barrels per day. That marks the highest daily production for this week of the year on record, surpassing the previous high set in 2017. Ethanol stocks totaled 25.4 million barrels, down 1.3% from the previous week and roughly the same decline from a year ago.
Corn usage for ethanol was estimated at 110.95 million bushels, bringing cumulative usage to 2.26 billion bushels. That pace remains above the roughly 106 million bushels per week needed to meet the current USDA forecast.
In the livestock sector, live cattle futures finished $1.25 to $1.35 higher, while feeder cattle surged $3.85. Lean hog futures closed $1.10 lower.
Cash cattle trade remained quiet midweek, though bids were reported in Nebraska at $236, compared to last week’s trade range of $233 to $236.