Corn futures turned lower Wednesday morning. Talk that Corn Belt weather is set to turn clear and dry over the next two weeks seeming depressed the corn market this morning, since that window could allow farmers to quickly finish the fall harvest. December corn futures dipped 1.75 cents to $4.4175/bushel around midsession Wednesday, and May declined 1.75 cents to $4.625.
The soy complex continued its overnight rebound. Soy market bulls seem to be reacting to the surprisingly large September crush figure posted by NOPA yesterday. The fact that palm oil continued its recent rally very likely pulled soyoil higher, which also appeared to support beans. The meal market is suffering from its position on the wrong side of the crush spread at this point. November soybeans surged 11.5 cents to $12.775/bushel late Wednesday morning, while December soyoil jumped 0.85 cents to 41.51 cents/pound, and December soymeal inched up $0.9 to $403.3/ton.
Improved weather conditions also weighed upon wheat futures today. Wheat traders seemed to return their focus to India’s threat to lower its export floor price Wednesday. Talk that dryer conditions in Russia and Ukraine could lead to greater plantings in that region also depressed prices. December CBOT wheat sank 4.75 cents to $6.81/bushel in Wednesday morning action, while December KCBT wheat tumbled 10.0 cents to $7.4625, and December MGE futures lost 6.75 to $7.435.
Talk of cash strength reportedly sparked cattle buying. CME traders apparently turned rather optimistic about the likely outcome of this week’s cash trading this morning. A portion of that optimism may also have stemmed from reports of a looming end to the federal government shutdown, especially with equity markets soaring on the news. December cattle futures gained 0.40 cents to 133.15 cents/pound just before lunchtime Wednesday, while April lifted 0.27 to 135.55. Meanwhile, November feeder cattle rallied 0.27 cents to 167.77 cents/pound, and January ran up 0.45 to 167.20.
The hog market resumed its surge Wednesday morning. Talk of steady cash prices probably encouraged CME hog buying in early trading. That seems especially likely in light of the bullish leadership provided by the equity and live cattle markets. December hog futures advanced 1.00 cent to 88.80 cents/pound in late morning action, while April bounced 0.62 cents to 90.72.