Corn futures settle higher on Wednesday
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.
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