Daily Market Highlights

Cattle futures were mixed but mostly higher Tuesday, supported by recently firmer wholesale beef prices stemming from slower packer production.

Recently firm and higher wholesale beef prices, as packers slow production, helped Cattle futures mostly extend gains Monday.

Heading into the close, Live Cattle futures closed an average of an average of 26¢ higher, except for an average of 3¢ lower in three contracts. Feeder Cattle futures were an average of 40¢ higher, except for an average of 6¢ lower in two contracts.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $183/cwt. in the Southern Plains and $184-$185 in the north. Dressed delivered prices were $290-$292 in Nebraska and $290 in the western Corn Belt on a light test.

Choice boxed beef cutout value was 8¢ higher Tuesday afternoon at $301.89/cwt. Select was 92¢ lower at $286.87.

Grain and soybean futures closed mixed Tuesday.

Toward the close and through Sep ’25 contracts, Corn futures were fractionally lower to 1¢ lower. Kansas City Wheat futures were 3¢ to 6¢ lower. Soybean futures were 3¢ to 4¢ higher.

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`Major U.S. financial continued higher Tuesday.

The Dow Jones Industrial Average closed 83 points higher. The S&P 500 closed 14 points higher. The NASDAQ was up 100 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 33¢ to 63¢ lower through the front six contracts.

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Lower commodity prices and higher input costs continue weighing on rural economies, according to the latest Creighton University Rural Main Street Index, which represents a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.

Across the region, bankers expect approximately 39.1% of farmers to experience negative 2024 farm income. 

The region’s overall reading for September sank for the 13^th consecutive month to 37.5 in September from 40.9 in August. It was the lowest reading since the beginning of the pandemic in spring 2020. The index ranges between 0 and 100, with a reading of 50.0 that represents growth neutral.

Ernie Goss, the Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business says weaker agricultural equipment sales also weighed on the overall index.

The farm equipment sales index for September increased to 19.0 from 16.7 but remained below growth neutral for the 14^th consecutive month.

“Higher borrowing costs, tighter credit conditions and negative farm income are having a negative impact on the purchases of farm equipment,” Goss explains.

The region’s farmland price index remained below growth neutral for the fourth consecutive month. It declined to 43.8 in September from 45.5 in August. On average, bank CEOs expect farmland prices to decline by 5.3% in the next 12 months.

“Of greater concern, approximately one-fourth of bankers anticipate a 10% to 20% downturn in farmland prices over the next year,” Goss says.

Cattle futures furthered gains Monday with follow-through support from last week, as well as the neutral Cattle on Feed report.

Heading into the close, Live Cattle futures closed an average of an average of 88¢ higher. Feeder Cattle futures were an average of 75¢ higher.

Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $2-$3 higher in the Southern Plains at $183/cwt. and $1-$2 higher in the North at $184-$185. Dressed delivered prices were $2 higher in Nebraska at $290-$292 and from $2 higher to $4 lower in the western Corn belt at $290 in a light test.

The five-area direct weighted average FOB live steer price last week was $1.90 higher at $184.01. The weighted average dressed delivered steer price was 20¢ lower at $290.41.

Choice boxed beef cutout value was $1.62 higher Monday afternoon at $301.81/cwt. Select was 80¢ lower at $287.79.

Soybeans rallied Monday, boosted by thoughts that China’s easing monetary policy would spur demand. Corn and wheat followed with added support from South American weather worries.

Toward the close and through Jly ’25 contracts, Soybean futures were 24¢ to 27¢ higher. Corn futures were 10¢ to 11¢ higher. Kansas City Wheat futures were 12¢ to 13¢ higher.

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Major U.S. financial edged higher Monday with follow-through support from the previous week.

The Dow Jones Industrial Average closed 61 points higher. The S&P 500 closed 16 points higher. The NASDAQ was up 25 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME closed 19¢ to 47¢ lower through the front six contracts.

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Beef production continues remarkably close to last year’s levels with significantly fewer cattle as feedlots ratchet up carcass weights with longer feeding periods.

“Current weekly steer carcass weights are 941 lbs., up 24 lbs. year over year.  Steer carcass weights have averaged 23 pounds heavier for the year to date,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “Heifer carcasses are currently 846 lbs., up 21 lbs. from one year ago, with a year-to-date average 19 lbs. above last year.”

As for time on feed, referencing Kansas Focus on Feedlots data, Peel says the current 12-month moving average days on feed for steers at 204 days continues to inch higher at 194 days. 

“Increased days on feed means a slower feedlot turnover rate and helps feedlot maintain the inventory level despite a reduce throughput,” Peel explains.

Cattle futures continued higher Friday, spurred along by higher cash fed cattle prices.  

Live Cattle futures closed an average of $1.01 higher across a wide range, from 5¢ higher at the back to $2.50 higher in spot Oct, except for 10¢ lower in away Dec.

Feeder Cattle futures were mixed Friday, closing from an average of 37¢ higher in five contracts to an average of 48¢ lower.

Week to week on Friday, Live Cattle futures closed an average of $2.92 higher, and Feeder Cattle futures closed an average of $4.52 higher.

Negotiated cash fed cattle trade was slow on light demand in the Texas Panhandle through Friday afternoon with FOB live prices $2 higher at $183/cwt., according to the Agricultural Marketing Service. Trade and demand were moderate in Kansas with FOB live prices $2-$3 higher at $183.

Trade and demand were moderate in the North. FOB live prices were $2-$3 higher in Nebraska at $184 and $1-$2 higher in the western Corn Belt at $184-$185. Dressed delivered prices were $2 higher in Nebraska at $290-$292. Dressed delivered prices the previous week were $288-$294 in the western Corn Belt.

Choice boxed beef cutout value was 63¢ higher Friday afternoon at $300.19/cwt. Select was 33¢ higher at $288.59.

Estimated total cattle slaughter last week of 610,000 head was 10,000 head fewer than the previous week and 17,000 head fewer than the previous year. Estimated year-to-date total cattle slaughter of 22.7 million head was 943,000 head fewer (-4%). Estimated year-to-date beef production of 19.1 billion pounds was 192.9 million pounds less (-1%).

Harvest pressure continued to weigh on grain futures Friday.

Corn futures were mostly 3¢ to 4¢ lower. Kansas City Wheat futures were fractionally lower to 1¢ lower. Soybean futures were mostly 1¢ to 2¢ lower.

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Major U.S. financial indices closed narrowly mixed, retaining the week’s sharp gains.

The Dow Jones Industrial Average closed 38 points higher. The S&P 500 closed 11 points lower. The NASDAQ was down 65 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME closed 3¢ to 18¢ lower through the front six contracts.

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Markets will likely view Friday’s monthly Cattle on Feed report as plumb neutral.

For feedlots with 1,000 head or more capacity, August placements of 1.98 million head were 28,000 head fewer (-1.4%) year over year, which was in line with expectations ahead of the report.

In terms of placement weights, 35% went on feed weighing 699 lbs. or less, 47% weighing 700-899 lbs. and 18% weighing 900 lbs. or more.

Marketings in August of 1.82 million head were 67,000 head fewer (-3.6%) than the prior year, also in line with expectations.

Cattle on feed Sept. 1 of 11.2 million head were 71,000 head more (+0.6%) year over year, which was also in line with estimates ahead of the report.

Cattle futures bounced higher Thursday with support from bullish outside markets and perhaps with some positioning ahead of Friday’s monthly Cattle on Feed report.

Heading into the close, Live Cattle futures were an average of 94¢ higher. Feeder Cattle futures an average of $2.64 higher.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live FOB prices were $181/cwt. in the Texas Panhandle, $180-$181 in Kansas, $181-$182 in Nebraska and $182-$183 in the western Corn Belt. Dressed delivered prices were $288-$294.

Choice boxed beef cutout value was $1.82 lower Thursday afternoon at $299.56/cwt. Select was $1.49 lower at $288.26.

Net 2024 U.S. beef export sales of 15,500 metric tons for the week ending Sept. 12 were 36% more than the previous week and 2% more than the prior four-week average, according to USDA’s weekly report. Increases were primarily for South Korea, China, Japan, Canada and Mexico.

Harvest pressure and anemic export sales weighed on grain futures Thursday.

Toward the close and through Jly ’25 contracts, Corn futures were 5¢ to 7¢ lower. Kansas City Wheat futures were 11¢ to 13¢ lower. Soybean futures were mostly fractionally lower to 1¢ lower.

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Major U.S. financial indices closed sharply higher Thursday, fueled by the previous day’s interest rate cut by the Fed and fewer weekly initial unemployment claims than expected.

For the week ending September 14, the advance figure for seasonally adjusted initial claims was 219,000, a decrease of 12,000 from the previous week’s revised level, according to the U.S. Department of Labor.

The Dow Jones Industrial Average closed 522 points higher. The S&P 500 closed 93 points higher. The NASDAQ was up 440 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 82¢ to $1.16 higher through the front six contracts.

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Forecasters estimate a 71% chance of a short-lived La Niña emerging during September-November and persisting through January-March 2025, according to the latest update from the National Weather Service Climate Prediction Center.

In the meantime, dryness continues to expand across the nation, according to the latest U.S. Drought Monitor.

Abnormally dry or drought conditions encompassed 70.3% of the continental U.S. compared to 55.6% at the same time last year. However, moderate to exceptional drought existed in 35.6% of the nation versus 37.8% a year earlier. Overall, 35% of the nation’s cattle were in drought areas compared to 45% at the same time last year.

Cattle futures were narrowly mixed Wednesday as traders waited for weekly cash direction.

Heading into the close, Live Cattle futures were an average of 25¢ higher, except for unchanged and 32¢ lower on either end of the board. Feeder Cattle futures were an average of 28¢ higher, except for an average of 9¢ lower in three contracts.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live FOB prices were $181/cwt. in the Texas Panhandle, $180-$181 in Kansas, $181-$182 in Nebraska and $182-$183 in the western Corn Belt. Dressed delivered prices were $288-$294.

Choice boxed beef cutout value was $2.53 lower Wednesday afternoon at $301.38/cwt. Select was $2.47 lower at $289.75.

Heading toward the close and through Jly ’25 contracts, Grain futures were mixed Wednesday.

Toward the close and through Jly ’25 contracts. Corn futures were fractionally mixed. Kansas City Wheat futures were 1¢ lower. Soybean futures were mostly 5¢ to 8¢ higher, supported by early reports of lower yields than expected.

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Major U.S. financial indices closed lower Wednesday, following a volatile trading session tied to the Fed’s decision to cut interest rates by 0.5% rather than the widely anticipated reduction of 0.25%.

“Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Committee’s 2% objective but remains somewhat elevated,” according to the FOMC statement.

The Dow Jones Industrial Average closed 103 points lower. The S&P 500 closed 16 points lower. The NASDAQ was down 54 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 61¢ to 75¢ lower through the front six contracts.

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Based on recent price weakness, USDA’s Economic Research Service (ERS) slashed expected average feeder steer prices for the remainder of this year in the latest Livestock, Dairy and Poultry Outlook. Compared to the previous month’s projections, ERS reduced the forecast third-quarter price by $9 to $252/cwt. and the fourth-quarter price by $13 to $255 for an annual average price of $251, which was $5.50 lower. The prices are basis Medium and Large #1 steers weighing 750-800 lbs., selling at Oklahoma City.

ERS analysts explain the average August price at Oklahoma National Stockyards was $15.78/cwt. less than the prior month and represented the first year-over-year decline since February 2021.

For next year, ERS reduced the forecast first-quarter price by $3 to $248 and the second-quarter price by $5 to $254 for an annual average price of $254, which was $5 less than the previous month’s projection.

As mentioned in Cattle Current recently, the ERS lowered expected five-area direct fed steer prices for the remainder of this year and the first half of 2025, in the September World Agricultural Supply and Demand Estimates.

Forecast prices were lowered by $3 in the third quarter to $188/cwt. and by $7 in the fourth quarter to $183 for an annual average of $185.11, which was $3 lower than the previous month’s estimate. Projected prices were lowered in the first quarter next year by $3 to $186 and by $4 in the fourth quarter to $186 for an annual average price of $186, which was $5 lower.

Cattle futures gained Tuesday.

Heading into the close, Live Cattle futures were an average of $1.11 higher. Feeder Cattle futures were an average of $1.80 higher

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live FOB prices were $181/cwt. in the Texas Panhandle, $180-$181 in Kansas, $181-$182 in Nebraska and $182-$183 in the western Corn Belt. Dressed delivered prices were $288-$294.

Choice boxed beef cutout value was 66¢ lower Tuesday afternoon at $303.91/cwt. Select was 8¢ higher at $292.22.

Heading toward the close and through Jly ’25 contracts, grain futures were narrowly changed. Corn futures were 1¢ to 2¢ higher. Kansas City Wheat futures were fractionally higher. Soybean futures were 2¢ higher.

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Major U.S. financial indices settled little changed Tuesday, ahead of this week’s Fed decision regarding interest rates.

The Dow Jones Industrial Average closed 15 points lower. The S&P 500 closed 1 point higher. The NASDAQ was up 35 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 97¢ to $1.19 higher through the front six contracts.

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Judging by history, U.S. beef cow herd contraction could continue for another year or two, according to Rob Ziegler Extension livestock production and marketing specialist at the University of Wyoming.

“Beef cow slaughter peaked in 2011 at 3.9 million head, roughly midway through the last contraction phase, which ended in 2014 when expansion began,” Ziegler explains in the latest issue of In the Cattle Markets from the Livestock Marketing Information Center. “Slaughter bottomed out in 2015 at 2.2 million head and started increasing again in 2016. Another peak in cow slaughter was observed in 2022 at nearly 4 million head. In 2023, cow slaughter declined by 12% compared to 2022. From January through August 2023, 2.2 million head of beef cows were slaughtered, compared to 1.9 million head during the same period in 2024.”

Given that 35% of annual cow slaughter occurs, historically, between September and December, Ziegler says it appears total cow slaughter in 2024 will be less year over year at around 2.9 million head. If so, it would the second consecutive year of reduced beef cow slaughter.

Even though market dynamics suggest potential herd rebuilding in the next 1-2 years, Ziegler also points to the different situation faced today than during the last expansion.

“Elevated interest rates and higher input costs in recent years have negatively impacted income per cow,” Ziegler says. “The question remains whether these margins will be sufficient to encourage expansion within that timeframe. While the drought in 2024 has been more regional, some heifer retention may be correlated with these areas. That said, heifers retained this year will not contribute to the feeder cattle supply for approximately two more years. These factors suggest that the expansion phase may unfold more slowly than it did in 2014.”

Cattle futures were narrowly mixed Monday, with Live Cattle edging lower and Feeder Cattle mostly eking out gains.

Heading into the close, Live Cattle futures were an average of 21¢ lower. Feeder Cattle futures were an average of 30¢ higher, except for unchanged and 32¢ lower in two contracts.

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, Live FOB prices were steady to $1 higher in the Texas Panhandle at $181/cwt., steady to $1 lower in Kansas at $180-$181, mostly steady in Nebraska at $181-$182 and steady to $2 higher in the western Corn Belt at $182-$183.

Dressed delivered prices were steady to $6 higher in Nebraska at $288-$294 and steady to $8 higher in the western Corn Belt at $288-$294.

The five-area direct weighted average FOB live steer price last week was 93¢ higher at $182.11/cwt. The weighted average dressed delivered price was $3.07 higher at $290.61.

Grain futures were lower Monday amid the improved international weather outlook and potential profit taking.

Toward the close and through Jly ’25 contracts, Corn futures were 1¢ to 3¢ lower. Kansas City Wheat futures were 18¢ to 19¢ lower. Soybean futures were 1¢ lower.

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Major U.S. financial indices were mixed Monday, ahead of this week’s Fed decision regarding interest rates.

The Dow Jones Industrial Average closed 228 points higher. The S&P 500 closed 7 points higher. The NASDAQ was down 91 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.36 to $1.85 higher through the front six contracts.

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Resurgent drought in parts of the Southern Plains is reducing wheat pasture prospects and related calf demand.

In Oklahoma, for instance, Derrell Peel, Extension livestock marketing specialist at Oklahoma State University says very little wheat has been planted, or it has been dusted in hoping for rain.

“The start of winter grazing will be pushed back, and stocking rates will likely be reduced due to less available forage through the winter,” Peel explains in his weekly market comments. “The lack of wheat stocker demand and the beginning of the fall run of calves is putting pressure on cattle auction prices.” 

Cattle futures were narrowly mixed Friday, ending a week of recovery.

Live Cattle futures were an average of 15¢ higher, except for unchanged to 37¢ lower in the front three contracts. Feeder Cattle futures were an average of 38¢ lower.

Week to week on Friday, Live Cattle futures closed an average of $3.56 higher, gaining back a little more than what was lost the previous week. Feeder Cattle futures closed an average of $6.70 higher ($5.72 to $8.17 higher) during the same period.

Negotiated cash fed cattle trade ranged from limited on light to moderate demand in the Southern Plains to light on moderate demand in the North through Friday afternoon, according to the Agricultural Marketing Service.

For the week, Live FOB prices are steady to $1 higher in the Texas Panhandle at $181/cwt., steady to $1 lower in Kansas at $180-$181, mostly steady in Nebraska at $181-$182 and steady to $2 higher in the western Corn Belt at $182-$183.

Dressed delivered prices were steady to $6 higher in Nebraska at $288-$294 and $2-$6 higher in the western Corn Belt at $288-$294.

Choice boxed beef cutout value was $2.27 lower Friday afternoon at $304.91/cwt. Select was $1.47 lower at $294.17.

Estimated total cattle slaughter last week of 620,000 head was 78,000 more than the previous holiday-shortened week, but 11,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 22.1 million head was 932,000 head fewer (-4.1%). Estimated year-to-date beef production of 18.6 billion pounds was 204.1 million pounds less (-1.1%).

Corn futures faded the increased yield projections in Thursday’s monthly World Agricultural Supply and Demand Estimates.

Corn futures were mostly 3¢ to 6¢ higher. Kansas City Wheat futures were 10¢ to 13¢ higher. Soybean futures were 2¢ to 5¢ lower.

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Major U.S. financial indices continued higher Friday.

The Dow Jones Industrial Average closed 297 points higher. The S&P 500 closed 30 points higher. The NASDAQ was up 114 points.

West Texas Intermediate Crude Oil futures on the CME closed 32¢ to 51¢ lower through the front six contracts.

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Cattle futures rebounded last week, recovering a lion’s share of the previous week’s losses, bolstered in part by steady to higher negotiated cash fed cattle prices. However, Cattle futures have lost their previous lustre in the near term as cash prices drift below year-ago levels, albeit near historical highs.

“Feeder cattle prices have steadily declined for more than two months and now the calf market is taking both a hit from the bearish sentiment in the market and the seasonal price decline that comes in the fall months, says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “As the market pushes into October, the freshly weaned calf market will likely see further softening of prices as large temperature swings and dry dusty conditions tend to lead to increased weaning stress and thus a higher probability of respiratory issues.”

Cattle futures gained Thursday, supported by steady to higher cash prices and a late-day bounce in outside markets.

Heading into the close, Live Cattle futures were an average of 87¢ higher. Feeder Cattle futures were an average of $1.67 higher.

Negotiated cash fed cattle trade ranged from slow on light demand to mostly inactive on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, Live FOB prices are steady to $1 higher in the Texas Panhandle at $181/cwt. and steady to $1 lower in Kansas at $180-$181.

Last week, FOB live prices were $180-$181 in Nebraska and $180-$183 in the western Corn Belt. Dressed delivered prices were $288 in Nebraska and $286-$288 in the western Corn Belt.

Choice boxed beef cutout value was 18¢ lower Thursday afternoon at $307.18/cwt. Select was $1.26 higher at $295.64.

Corn futures faded the increased yield projections in Thursday’s monthly World Agricultural Supply and Demand Estimates.

Toward the close and through Jly ’25 contracts, Corn futures were fractionally higher to 7¢ higher in expiring spot Sep Kansas City Wheat futures were mostly fractionally lower. Soybean futures were 7¢ to 11¢ higher.

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Major U.S. financial indices closed higher again Thursday, with more optimism later in the session.

The Dow Jones Industrial Average closed 235 points higher. The S&P 500 closed 41 points higher. The NASDAQ was up 174 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.46 to $1.87 higher through the front six contracts.

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USDA lowered expected five-area direct fed steer prices for the remainder of this year and the first half of 2025, in the September World Agricultural Supply and Demand Estimates.

Based on recent price weakness, forecast prices were lowered by $3 in the third quarter to $188/cwt. and by $7 in the fourth quarter to $183 for an annual average of $185.11, which was $3 lower than the previous month’s estimate. Projected prices were lowered in the first quarter next year by $3 to $186 and by $4 in the fourth quarter to $186 for an annual average price of $186, which was $5 lower.

Forecast 2024 red meat and poultry production was raised from last month on higher beef, pork, and broiler forecasts. Beef production was raised 59 million pounds (+0.2%) to 26.8 billion pounds on higher cow slaughter and heavier cattle weights in the second half of the year.

For 2025, beef production was raised 180 million pounds (+0.7%) to 25.6 billion pounds on higher steer and heifer slaughter and heavier carcass weights. Production would be 1.2 billion pounds less (-4.4%) than this year’s estimated production.

Among other WASDE highlights…

Corn

This month’s 2024/25 U.S. corn outlook was for smaller supplies and a modest decline in ending stocks. Projected beginning stocks for 2024/25 were 55 million bushels lower based on increases in exports and corn used for ethanol for 2023/24. Corn production for 2024/25 was forecast at 15.2 billion bushels, up 39 million from last month on a 0.5-bushel increase in yield to 183.6 bushels per acre. Harvested area for grain was unchanged at 82.7 million. With supply falling and use unchanged, ending stocks were reduced 16 million bushels to 2.1 billion.

The season-average corn price received by producers was lowered 10¢ to $4.10 per bushel.

Cattle futures gained Wednesday with apparent optimism about the potential for higher cash fed cattle prices this week.

Heading into the close, Live Cattle futures were narrowly mixed, from an average of 71¢ higher. Feeder Cattle futures were an average of $1.62 higher.

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, Live FOB prices were $180-$181/cwt. in the Texas Panhandle, $181 in Kansas, $180-$181 in Nebraska and $180-$183 in the western Corn Belt

Dressed delivered prices were $288 in Nebraska and $286-$288 in the western Corn Belt.

Choice boxed beef cutout value was 87¢ lower Wednesday afternoon at $307.36/cwt. Select was $2.63 lower at $294.38.

Corn and Soybean futures edged higher in nearby contracts Wednesday, as traders prepared for Thursday’s monthly World Agricultural Supply and Demand Estimates.

Toward the close and through Jly ’25 contracts, Corn futures were fractionally higher 1¢ higher. Kansas City Wheat futures were 1¢ to 4¢ higher. Soybean futures were 2¢ to 4¢ higher.

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Major U.S. financial indices closed higher Wednesday, supported by tech stocks and further indication of easing inflation.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% month to month in August on a seasonally adjusted basis, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.5% before seasonal adjustment, which was less than expected. However, core inflation, excluding food and fuel, was slightly higher than expected, up 0.3% month to month and 3.2% year over year.

The Dow Jones Industrial Average closed 124 points higher. The S&P 500 closed 58 points higher. The NASDAQ was up 369 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were little changed through the front six contracts.