Corn futures closed higher on Wednesday. Agriculture commodities moved higher shortly before the close of electronic trade on significant sell offs in the U.S. dollar index. The dollar index is down approximately one half percent, while outside markets are mixed. Strong gains in the soybean market were also supportive for corn futures. December corn futures closed 7 cents higher.
Soybean futures closed higher on Wednesday. After trading narrowly much to the day session soybean futures received and extra boost from fund buying due to strong losses in the dollar index and demand optimism. Traders are anticipating an increase in demand for the oilseed since prices have pulled back over that last few weeks. Weekly export sales are scheduled to be released tomorrow morning, and pre trade estimates for soybean export sales are between 650,000 – 850,000 tonnes. November soybean futures closed 14 ¾ cents higher.
Wheat futures closed higher on Wednesday. Wheat futures were also pushed higher on weakness in the dollar index along with other commodities. With the dollar index slumping over 0.52 percent, commodity prices jumped on technical buying. Dry weather worries in Australia and the U.S. Plains also buoyed futures to double digit gains at KCBT and MGE. December wheat at CBOT closed 8 ¾ cents higher, 11 ¼ cents higher at KCBT and 15 cents higher at MGE.
Live cattle futures closed higher on Wednesday. Cattle futures closed moderately higher midweek on strength in the wholesale beef market and cash trade optimism. Midday wholesale beef prices were reported 85 cents higher for choice cuts and 43 cents higher for select cuts. Buying interest in the cattle complex is expected to remain constant as the trade expects Friday’s cattle on feed report to be bullish for the market. September placements are expected to be down 14.9 percent, while cattle supply at feedlots (Oct 1) is expected to be down 2.2 percent. December cattle futures close 58 cents higher.
Lean hog futures closed higher on Wednesday. Hog futures rebounded to a higher closed shortly before closing bell on short covering and spillover buying in the cattle complex. Early on in the trading session, hog futures were pressured from lack of supportive fundamentals and weakness in pork cutout values. Tuesday’s closing cut out prices for ribs and picnics decline more than $2. End of the day strength in the grain complex helped to pull deferred contracts above unchanged. December hog futures closed 58 cents higher. The 2013 contracts closed mostly higher