Corn futures traded higher on Wednesday. Futures trade was firm today on fund buying that was driven by weakness in the dollar index and strength in the stock market. Outside markets were supported by the announcement by central banks around the globe to coordinate a plan to support the global financial system. In addition, China announced plans to loosen monetary policy. December closed 3 1/4 cents higher at $6.01 1/4 and March was 2 1/2 cents higher at $6.08.
Soybean futures closed higher on Wednesday. Strength in equity markets and weakness in the dollar helped push soybean futures higher. Outside markets were supported by news that central banks around the world are coordinating a plan to provide liquidity to the financial system. In addition, China’s central bank eased monetary policy for the first time in nearly three years. January ended 6 1/4 cents higher at $11.31 1/4 and March was 6 cents higher at $11.41.
Wheat futures were mixed on Wednesday. Weakness in the dollar index and strength in equities helped support the market today. However, most contracts turned lower at the close due to profit-taking and forecast for some needed precipitation in the Plains. Bearish global supply/demand fundamentals and sluggish export demand remain underlying bearish factors. December closed 1 1/4 cents higher at $5.95 3/4 while KCBT December was 5 cents lower at $6.51 and MGE December ended 2 3/4 cents lower at $8.36.
Cattle futures traded solidly higher on Wednesday. Futures were supported by strength in the stock market and weakness in the dollar index. Outside markets were supported by news that central banks around the globe will coordinate action to provide liquidity to the financial system. Cash trade has yet to develop. Futures continue to trail the cash market but ideas are that cash prices will be lower this week. December closed $1.03 higher at $121.60 and February was $1.15 higher at $123.60.
Lean hog futures were higher on Wednesday. Broad gains in commodity market and equities helped push hog futures higher. The firm tone in the cash market continues to be a bullish factor. Strong export demand and solid demand for hams ahead of Christmas should help support pork prices and the cash market. December closed 18 cents higher at $88.18 and February ended 38 cents higher at $91.58.