Wheat markets were lower, led by Minneapolis spring wheat as forecasts called for improving weather in the U.S. northern plains and across Canada’s drought-stricken prairies. Harvest is moving into Kansas, but rain delays are threatening to further reduce quality after a season of too much rain has lowered protein levels and test weights. Corn and soybeans were both higher, led by concerns of a large reduction in planted acres as the eastern Midwest continues to struggle with planting delays/abandonment due to waterlogged fields.
The cattle complex was lower as futures rallies haven’t been able to sustain themselves. Cash markets had a steady/weak undertone as marketings increased while demand remained just steady. Soaring corn prices are weighing on the feeder cattle market, but feedlots are expected to use more wheat in rations over the next several months.
The Dow pushed back to all-time highs after the Fed left interest rates unchanged. Concerns over potential conflicts with Iran pushed energies and precious metals higher.