?Like Tuesday, CBOT futures closed mixed and corn was the downside leader. Cattle futures ended mostly sharply lower, in great contrast to Tuesday huge gains. Beyond the nearly April Lean Hog contract, LH futures closed sharply lower.

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CBOT futures closed widely mixed with corn and oats down sharply.  Cattle futures closed strongly higher to limit-up in front LC futures.  Lean Hog futures also rebounded from Monday’s sharp losses, some as much as the $4.50 limit to new contract lows.

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Ag futures again came under pressure from a sharply lower equity market fueled by expanding COVID-19 cases, event cancellations and school closures. Cattle futures tried to build on Tuesday’s sharp rally, but succumbed to the downdraft in U.S. equities. Lean Hog futures held up much better than did cattle futures.

Today was a turnaround Tuesday as commodity and equity markets erased part of Monday’s losses. It appeared that commodity traders took a cue from the U.S. stock markets.  Cattle futures closed higher, but well of the day’s highs.  Lean Hog futures closed higher but well below the limit-up highs seen in the first hour of trading.

The markets closed sharply lower – hit by a combination of rising COVID-19 cases in America and elsewhere and a collapse in the crude oil future markets. Cattle futures close at or very close to down the daily trading limits -- $3.00 in Live Cattle and $4.50 in Feeder Cattle. Lean Hog futures also closed sharply lower although not limit-down.