Overview
- Soyoil complex-led gains pushed Chicago soybeans to a 15‑month high on Tuesday before a Wednesday pullback on unconfirmed reports of Chinese purchases, even as Treasury Secretary Scott Bessent touted “substantial” buying under a proposed framework.
- Corn held most of its rally with short covering evident and weekly export inspections at 1.187 MMT, leaving marketing‑year shipments up nearly 58% from last year, though ethanol output eased to 1.091 million barrels per day.
- Wheat extended Monday’s short‑covering advance and cotton added to gains into Wednesday, with traders positioning ahead of the leaders’ talks and leaning on private and export‑inspection data for direction.
- Live and feeder cattle endured expanded‑limit losses and sharp long liquidation early in the week, then bounced $4–$7 in live and double digits in feeders on Wednesday, as cash trade slipped to about $230 and Mexico said no date is set to reopen its cattle border.
- With USDA reports curtailed by the government shutdown, markets are relying on export inspections and private estimates while awaiting the scheduled Trump–Xi meeting in South Korea, and soybean export sales totals remain unverified.