Grain futures opened Wednesday on a mixed note, as traders responded to early U.S. harvest data and yield variability that's leaving market forecasts in flux. As of just before 9:30 a.m. CT, prices shifted only slightly but reflected growing uncertainty in corn and soybean production potential.

December corn was down 1¼¢, trading at $4.25 per bushel, while November soybeans slipped 1¢ to $10.11 per bushel.

"Not much has changed fundamentally since Tuesday. The U.S. harvest is gaining momentum with more reports of less than expected yields, mainly on corn," said Karl Setzer, partner at Consus Ag Consulting. "Corn yields are highly variable though, making it difficult to accurately predict overall crop size."

While early signs suggest the 2025 U.S. corn crop may be smaller than USDA estimates, Setzer added that traders are waiting for more data confirmation before adjusting total production expectations.

In contrast, December Chicago wheat rose 1¼¢ to $5.21¾ per bushel, showing modest strength. Minneapolis wheat gained 11¼¢, reaching $5.38¼, while Kansas City wheat edged down 1½¢ to $5.10 per bushel. The wheat market appears to be stabilizing after volatility driven by global supply shifts and export competition.

In the livestock markets, December live cattle fell 52¢ to $238.22 per cwt, while October feeder cattle dropped 92¢ to $359.82 per cwt. December lean hogs declined 95¢, landing at $89.77 per cwt, reflecting seasonal adjustments and consumer demand signals.

Outside markets showed mixed signals as November crude oil rose $1.02 to $64.43 per barrel, signaling energy demand strength, while the S&P 500 dipped 2.32 points and the Dow Jones gained 48.48 points, indicating cautious investor sentiment mid-week.

The December U.S. Dollar Index surged 602 points, adding strength to the greenback and potentially pressuring ag exports if the trend holds.

With harvest activity accelerating and yield data trickling in, markets remain sensitive to daily shifts in expectations. While price moves were small this morning, traders are keeping a close eye on fundamentals as more concrete harvest results emerge.