Corn futures were solidly higher on Wednesday. The rally in soybeans and short-covering from recent losses helped push corn futures higher. Firm crude oil prices and tight global feed grain supplies also were supportive factors. The market was able to turn higher despite the strong rally in the dollar index. March closed 10 3/4 cents higher at $6.19 1/4 and May was 10 3/4 cents higher at $6.27 1/2.
Soybean futures closed strongly higher on Wednesday. Reports that China was looking to buy U.S. soybeans helped rally the market. Commercial buying helped futures rebound from recent weakness. USDA will release a new Supply/Demand report next week and USDA is expected to show tight ending stocks. January ended 25 cents higher at $13.86 and March was 24 cents lower at $13.93 1/2.
Wheat futures traded higher on Wednesday. Spillover support from soybeans and corn helped the market rally from recent losses. Dry weather in the western Plains remains a concern for the HRW crop and the crop is now vulnerable to a cold snap due to limited or no snowcover. CBOT March closed 19 cents higher at $8.08 1/4, KCBT March was 24 cents higher at $8.73 1/4 and MGE March ended 22 3/4 cents higher at $8.99.
Cattle futures closed higher on Wednesday. Short-covering from recent losses and further strength in boxed beef prices were supportive for the futures market. Choice cutouts were up $1.71 on Thursday and were up another $1.06 at midday Wednesday, hitting the highest level since May. Jobs data released today showed rising employment, leading to ideas of improved beef demand. February closed 73 cents higher at $78.03 and April was 30 cents higher at $82.18.
Lean hog futures traded higher on Wednesday. The outlook for tightening hog supplies and short-covering from recent weakness supported futures. However, gains are being limited by weakness in pork prices on Tuesday, the steady to lower tone in the cash market and strength in the dollar. February closed 73 cents higher at $78.03 and April was 30 cents higher at $82.18.