Corn and bean futures followed wheat higher Wednesday. There was little fresh news concerning corn today, although the tense Black Sea situation may have boosted grain prices. Still, CBOT corn traders seemed to take their lead from rising wheat prices as the day passed. Futures may simply have bounced from oversold levels. September corn rebounded 7.0 cents to $3.6325/bushel at Wednesday’s close, while December rallied 7.0 to $3.7425.
The soy complex also came back from overnight lows. As with corn, bean and product futures appeared to follow wheat higher Wednesday. However, the likelihood that the fall crop will smash all records seemed to limit upside potential. Nearbys settled below their short-term MAs as well. September soybean futures bounced 15.0 cents to $10.965/bushel in late Wednesday trading, while November futures gained 14.25 cents to $10.80. September soyoil advanced 0.29 cents to 35.86 cents/pound and September soymeal added $5.3 to $361.0/ton.
The wheat markets acted very well, having overcome early resistance. Wheat futures staged an impressive rebound Tuesday afternoon in a move that seemed technical and pragmatic in nature. The gains continued overnight and accelerated Wednesday. The fact that CBOT futures topped resistance associated with their 40-day moving averages may bode well for a short-term follow-through. September CBOT wheat ended Wednesday having jumped 15.5 cents to $5.68/bushel, while September KC wheat surged 13.5 cents to $6.5625/bushel, and September MWE wheat vaulted 13.75 to $6.43.
Cattle futures turned mixed Wednesday afternoon. CME cattle remained weak this morning on seeming industry suspicions concerning seasonal weakness during late summer. Declining wholesale quotes were also depressing. And yet, CME futures closed mostly higher, possibly due to increased optimism about this week’s cash outcome. October live cattle settled 0.30 cents higher at 155.95 cents/pound Wednesday, while December stalled at 155.77. Meanwhile, September feeder futures were also steady at 220.72 cents/pound, as were November feeders at 218.15.
Hog futures staged a late comeback. Cash hog and pork quotes were mixed to lower Tuesday afternoon, but hopes for mid-August strength seemingly triggered a strong early-morning rebound. Prices later reversed to the downside before closing generally higher. October hog futures climbed 0.52 cents to 102.20 cents/pound at their Wednesday settlement, while December ran up 0.82 cents to 94.80.