Ag markets moved mostly higher Wednesday night
Corn seems to be following wheat higher this morning. Little corn news emerged Wednesday night ahead of this morning’s weekly USDA Export Sales reports, but that didn’t keep yellow grain prices from rallying in concert with wheat in early trading. Nearby contracts bumping up against technical resistance at their overnight highs. July corn gained 2.5 cents to $4.4425/bushel Wednesday night, while December added 2.5 to $4.42.
The soy complex is mixed to higher Thursday morning. Fresh news of a big Philippine purchase of U.S. soymeal boosted that market and beans overnight, but a setback in Asian palm prices weighed on oil quotes. Bulls were probably encouraged by concurrent grain gains. Of course, things may change when the weekly Export Sales report is released. July soybeans rose 1.0 cent to $14.10/bushel shortly after sunrise Thursday, while July soyoil slid 0.14 cents to 39.99 cents/pound, and July soymeal edged up $1.1 to $454.3/ton.
Several factors boosted wheat again Wednesday night. The poor harvest results from Kansas that powered yesterday’s rally continued supporting prices overnight. Also, U.S. wheat dominated a big Japanese purchase and Saudi Arabia just issued a tender for 715,000 tonnes. Nearby KC & MWE wheat futures also topped short-term moving averages in early trading, which seems to bode well technically. July CBOT wheat futures climbed 7.25 cents to $5.9425/bushel early Thursday morning, while July KCBT wheat jumped 8.5 cents to $7.3625 and July MWE futures surged 7.5 to $7.0475.
CME cattle are extending Wednesday’s late bounce. Live cattle futures fell rather sharply yesterday, but rebound substantially after testing their respective 10-day moving average at midsession. Bulls proved able to build upon the late move overnight. Having beef values vault higher once again didn’t hurt the bullish cause either. August cattle rallied 0.65 cents to 145.67 cents/pound in early Thursday action, while December lifted 0.52 to 149.75. Meanwhile, August feeder cattle future leapt 1.25 cents to 206.10 and October feeders soared 1.20 to 206.90 cents/pound.
Cash and wholesale news sparked fresh hog gains. Hog futures continued their early-week breakdown Wednesday, but seemed to find technical support late in the day. Moreover, signs of cash and wholesale strength were definitely confirmed on the afternoon reports, thereby triggering a big rebound. August hog futures spiked 1.70 cents to 128.97 as Thursday dawned over Chicago, while December zoomed up 1.77 cents to 96.02.
Cotton futures seem to be consolidating Wednesday’s gains. The expiring July cotton contract continued its recent rally yesterday, but seemed to stall at the previously pivotal 91.00-cent level. Meanwhile, the December contract bounced back from Tuesday’s seemingly decisive drop. Traders now seem indecisive ahead of today’s Export Sales report. July cotton slipped 0.18 cents to 90.97 cents/pound as ICE trading accelerated Thursday morning, while December cotton sank 0.01 to 77.18.
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