Soy, wheat recover slightly on bargain buying

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Corn futures closed slightly lower on Wednesday. Corn futures rebounded from overnight lows but traded very volatile within the last hour before closing bell. Futures couldn’t seem to shake pressure from the rapidly advancing corn harvest and reports that private brokerage firm FC Stone has increased its production and yield forecasts for the 2012 corn crop. December closed down 1 ¼ cents.

Soybean futures closed mixed but mostly lower on Wednesday. Soybean oil export sales and bargain buying in the palm oil market pushed soybean futures beyond session lows. Today, USDA announced export sales on 21,000 tonnes of soybean oil to China for delivery during the 2012/13 marketing year while palm oil was up significantly after sharp losses on Tuesday. Nevertheless, private projections ahead of the October WASDE for better than expected soybean yields and production output limited gains. November soybeans closed 1 cent higher.

Wheat futures closed mixed on Wednesday. Wheat futures were pulled higher by end of the day bargain buying and recovery in the soy complex. Prices at CBOT and MGE close higher while crop boosting rains across the U.S. Plains kept Kansas City prices in check. Traders will continue to keep an eye on global wheat production as Russian and Ukrainian wheat harvest is below expectations due to poor weather. December wheat at CBOT closed ½ cent higher; 1 ¼ cents lower at KCBT; and 5 ½ cents higher at MGE.

Live cattle futures closed lower on Wednesday. Cattle futures were pulled lower on sluggish trade despite respectable gains earlier during the session. Cattle futures opened higher as expected on strength in wholesale beef prices. At midday, wholesale beef prices were reported higher for both choice and select cuts. Concerning the cash trade, prices are expected to be higher due to packers being short bought. October closed 20 lower while December down 35 cents.

Lean hog futures closed mixed but mostly lower on Wednesday. Nearby hog futures saw strong support from higher cash prices and the jump in the pork carcass value. However, midday pressure in the deferred contracts pulled the market prices lower leaving only the front month contract (October) above unchanged. Processor margins are good and so demand by packers should remain steady. October closed 88 cents higher while December closed 98 cents lower.

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