Corn futures settle higher on Wednesday

decrease font size  Resize text   increase font size       Printer-friendly version of this article Printer-friendly version of this article

Corn futures settled higher on Wednesday. Technical buying and production worries fueled double digit gains in the wheat market which pulled corn futures higher today. Gains were limited by the steep losses in the stock and crude oil markets. Stocks markets were down over 2 percent and the crude oil markets were over 4.64 percent lower. December corn futures settled 3 cents higher at $7.44.

Soybean futures settled lower on Wednesday. Strong post elections sell offs in the stock and crude oil markets added to the downward pressure already surrounding the soy complex. Expectations that USDA plans to increase soybean production and yield estimates in the November WASDE was another bearish factor for the market. Improving planting conditions in Argentina and Brazil and the likelihood that the South American soybean crop could be record large for the current marketing year limited upside movement as well. January soybean futures settled 8 cents lower at $15.09 ½.

Wheat futures closed with sharp gains on Wednesday. Global and domestic wheat productions concerns pushed futures over 1.8 percent higher today. Several reductions to output in key wheat producing countries have provided much speculation that demand for U.S. could increase. The trade is expecting USDA to lower global ending stocks for wheat. December wheat at CBOT settled 16 cents higher; settled 12 cents higher at KCBT; and 11 ¾ cents higher at MGE.

Live cattle futures closed with moderate losses on Wednesday. Sharp losses in the outside (stock) markets and overall lack of cash trade enthusiasm were burdensome for the market. Another negative factor for prices today was news that another storm could possibly hit the east coast has increased concern about declining meat consumption/demand once again. Cash trade has yet to develop and cash prices are called lower than the previous week. December cattle futures closed 73 cents lower at $124.95.

Lean hog futures skyrocketed to close over 3 percent higher. Hogs futures garnered more momentum after midday on short covering due to recent gains in wholesale pork market. Hog futures were initially pressured by news of another strong storm could possibly hit the east coast and its implications for meat consumption and demand; however, futures were able to find additional buying support. Grain prices were mostly higher throughout the session while cash prices were reported as lower. December hog futures closed $2.53 higher at $80.10.


Buyers Guide

Doyle Equipment Manufacturing Co.
Doyle Equipment Manufacturing prides themselves as being “The King of the Rotary’s” with their Direct Drive Rotary Blend Systems. With numerous setup possibilities and sizes, ranging from a  more...
A.J. Sackett Sons & Company
Sackett Blend Towers feature the H.I.M, High Intensity Mixer, the next generation of blending and coating technology which supports Precision Fertilizer Blending®. Its unique design allows  more...
R&R Manufacturing Inc.
The R&R Minuteman Blend System is the original proven performer. Fast, precise blending with a compact foot print. Significantly lower horsepower requirement. Low inload height with large  more...
Junge Control Inc.
Junge Control Inc. creates state-of-the-art product blending and measuring solutions that allow you to totally maximize operating efficiency with amazing accuracy and repeatability, superior  more...
Yargus Manufacturing
The flagship blending system for the Layco product line is the fully automated Layco DW System™. The advanced technology of the Layco DW (Declining Weight) system results in a blending  more...
Yargus Manufacturing
The LAYCOTE™ Automated Coating System provides a new level of coating accuracy for a stand-alone coating system or for coating (impregnating) in an automated blending system. The unique  more...
John Deere
The DN345 Drawn Dry Spreader can carry more than 12 tons of fertilizer and 17.5 tons of lime. Designed to operate at field speeds up to 20 MPH with full loads and the G4 spreader uniformly  more...
Force Unlimited
The Pro-Force is a multi-purpose spreader with a wider apron and steeper sides. Our Pro-Force has the most aggressive 30” spinner on the market, and is capable of spreading higher rates of  more...
BBI Spreaders
MagnaSpread 2 & MagnaSpread 3 — With BBI’s patented multi-bin technology, these spreaders operate multiple hoppers guided by independent, variable-rate technology. These models are built on  more...


Comments (0) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left


Pacesetter Grain Hopper

The Pacesetter Gain Hopper features original and innovative ideas like the patented RollerTrap™, the industry’s easiest to open and maintain trap ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form