Corn futures closed lower on Wednesday. The market was pressured by fund liquidation as traders waited to hear results from the Federal Reserve meeting this afternoon. Talk that China is looking to buy corn has been supportive recently. However, harvest pressure and global economic concerns remain bearish factors. December ended 4 1/2 cents lower at $6.85 3/4 and March was 4 1/4 cents lower at $6.98 3/4.
Soybean futures were strongly lower on Wednesday. Futures fell to a six-week low on fund selling and concerns about sluggish export demand. Weakness in crude oil and strength in the dollar ahead of the announcement from the Federal Reserve about monetary policy also pressured prices. The approaching harvest also helped pressure prices. November closed 17 1/2 cents lower at $13.20 1/2 and January was 17 1/4 cents lower at $13.31 1/2.
Wheat futures traded lower on Wednesday. The CBOT fell to a six-week low on technical selling and fund long liquidation. Trading volume was light, but traders were cautious ahead of an announcement from the Federal Reserve about monetary policy. Strength in the dollar and sluggish export demand were also weighed on the market. The bearish global supply/demand outlook remains an underlying bearish factor. CBOT December was 8 cents lower at $6.66 3/4, KCBT December was 4 1/2 cents lower at $7.60 1/2 and MGE December closed 2 cents lower at $8.40 1/2.
Wheat futures are trading slightly higher at midsession. Light short-covering from technically oversold levels is supporting prices as traders wait for news from the Federal Reserve meeting this afternoon. But gains are being limited by the bearish global supply/demand outlook and sluggish export demand for U.S. wheat. CBOT December is 2 cents higher at $6.76 3/4, KCBT December is 3 1/4 cents higher at $7.68 1/4 and MGE December is 6 cents higher at $8.48 1/2.
Cattle futures closed mostly lower on Wednesday. The October contract is higher due to smaller showlists and some ideas of firm cash trade this week compared to the $117 trade last week. But deferreds were lower due to concern about the global and U.S. economies. Wholesale beef prices have been mostly sideways over the past week. October ended 55 cents higher at $119.25 while December was 35 cents lower at $118.85.
Lean hog futures traded higher on Wednesday. Favorable packer margins and firm cash markets supported futures trade. Strong export demand has helped support pork cutout values. China is believed to be in the market for U.S. pork. Rising slaughter weights and seasonally increasing market hog numbers limited gains in the nearby October contract. October closed 25 cents higher at $89.28 and December was $1.13 higher at $84.10.