Corn Futures Rise to Four-Week High
Corn: December corn rose 9 1/4 cents to $6.27 3/4, the contract’s highest close since July 11. Corn rose amid concern over dry weather in parts of the Midwest as traders awaited Friday’s USDA Crop Production and Supply and Demand reports. USDA’s first survey-based estimates are expected to show U.S. corn production at about 14.392 billion bu., down 113 million bu. from a July forecast.
Soybeans: November soybeans rose 20 3/4 cents to $14.48 1/2, the contract’s highest closing price since July 29. September soymeal jumped $6.90 to $456.50, a lifetime-high close for the contract. September soyoil rose 192 points to 69.30 cents. Soybeans resumed a recent rally and settled near a two-week high amid concerns persistent dryness in parts of the Midwest will curb yield prospects.
Wheat: September SRW wheat gained 11 cents to $8.10 3/4, the contract’s highest close since July 28. September HRW wheat rose 16 1/2 cents to $8.89 1/4. September spring wheat rose 15 1/2 cents to $9.21 3/4. Wheat futures rose to the highest levels in two weeks behind spillover from gains in corn and soybean markets, stronger technicals and weakness in the U.S. dollar.
Cattle: October live cattle rose 62.5 cents to $145.10, the contract’s highest close since April 22. September feeders fell 40 cents to $184.60. Live cattle gained on further signs of cash strength. USDA-reported live steers averaged $146.00 this week through this morning, up over $5 from last week’s average, though those numbers largely reflect the northern market.
Hogs: October lean hogs rose 22 1/2 cents to $101.075, a lifetime-high close for the contract. Bullish charts and positive cash market fundamentals continued to drive hog futures markets higher. The CME lean hog index has eased slightly but remains in an uptrend and close to a 14-month high.