Corn futures barely sustained their Tuesday night bounce. Corn futures rebounded from three-year lows in overnight trading, then gave back a large portion of those gains. Prospects for a huge U.S. crop this fall are rather clearly weighing upon prices, although traders may be thinking the increased production has been incorporated by recent losses. September corn dipped 0.5 cent to $4.7175/bushel late Wednesday morning, while December added 1.5 cents to $4.6075.
The soy complex decidedly mixed in early Wednesday trading. Most soybean and meal contracts rallied in concert with corn market early Wednesday, with bulls being encouraged by report of a large U.S. sale to China. Old crop tightness seemed to boost the meal market, but renewed palm oil weakness apparently sparked fresh selling in the soyoil pit. September soybeans gained 11.25 cents to $12.0475/bushel around midsession Wednesday, while November beans rallied 4.25 cents to $11.715. September soyoil sank 0.24 cents to 41.97 cents/pound, whereas September soymeal surged $6.8 to $378.4/ton.
After holding up well in late July, wheat prices have turned downward this week. The looming end of the winter wheat harvest and the prospect of a large spring wheat crop are probably weighing upon prices. However, the fact that U.S. wheat remains quite expensive compared to product in other areas seems to be spurring sales as well. September CBOT wheat dove 8.25 cents to $6.4225/bushel just before the lunch hour Wednesday, while September KCBT wheat fell 4.5 cents to $6.975, and September MGE futures lost 2.75 cents to $7.3675.
The cattle complex turned lower late Wednesday morning. Cattle traders recently became more optimistic about short-term cash prospects, especially after choice cutout values rose significantly yesterday and today. On the other hand, nearby futures failed to overcome technical resistance in early trading, which may have prompted the late-morning reversal. October cattle stumbled 0.22 cents to 124.45 cents/pound around midsession Wednesday, while December skidded 0.32 to 126.97. Feeder cattle futures suffered surprisingly large losses. September plunged 1.30 cents to 156.35 cents/pound, and November tumbled 1.50 to 159.17.
Lean hog futures couldn’t sustain early Wednesday gains. Persistent cash and wholesale gains have rather clearly been boosting the CME market lately. However, after surging again in overnight trading, all but the expiring August future turned downward Wednesday morning. The relatively weak result for June pork exports may have sparked the reversal. October hog futures declined 0.55 cents to 85.90 in late-morning trading, while December slipped 0.42 cents to 82.42.