Cattle were higher Wednesday | Closing Market Minute

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[00:00:00]Cattle futures were higher Wednesday.

[00:00:02]More on that in just a moment. I'm Brownfield commodity market reporter John Perkins with the closing market minute for Wednesday, May 13th. Soybeans did end the session modestly higher, retaining some kind of optimism about the trade talks between the United States and China, which are expected to happen this week. President Trump is in Beijing for those talks. It remains to be seen exactly what's going to be discussed, but again, there is some kind of optimism right now for soybeans.

[00:00:27]Soybean meal was up during the session.

[00:00:28]that also helped the beans out at least a little bit. Corn closed mixed, watching US planning activity. Soybeans are also watching planning activity.

[00:00:36]Conditions do look generally favorable in much of the Midwest and Plains over the near term. Uh corn also saw a little bit of support from decent weekly ethanol numbers. The uh weakness was in the far off the fur contracts largely on a technical basis. And wheat closed lower, taking profits after those big gains on Tuesday. US winter wheat production is going to be a more than 50-year low, but that was blunted at least somewhat by the large available global supply. Live and feeder cattle were sharply higher, largely on technical buying, not seeing a lot of fresh fundamental news out during the session. Direct cash cattle markets were fairly quiet outside of some bids popping up in Iowa and Nebraska. So far this week, live sales have generally been $3 higher than a week ago, while dress sales have been $2 to $3 lower.

[00:01:20]Box beef was lower at midday on Wednesday. And hogs closed higher, also seeing technical support along with some help from the higher midday move in pork. Cash business was steady to firm during the session. Hogs might also be waiting to see if pork is brought up in this round of negotiations with China.

[00:01:35]With the closing market minute for Wednesday, May 13th, I'm brownfield commodity market reporter John Perkins.