Corn, Soybean Futures End Higher
Corn: December corn rose 1 3/4 cents to $6.12 1/2, the first gain in three sessions. Corn rebounded from early weakness, with possible support from updated Midwest forecasts turning slightly drier for the coming week. The GFS model reduced rain from Wisconsin to north-central and northeastern Illinois Friday into Sunday, and other areas also had rain chances lowered, World Weather Inc. said.
Soybeans: November soybeans gained 9 cents to $13.90. September soymeal rose $4.70 to $440.60. September soyoil fell 43 points to 67.41 cents. Soybeans rose in a corrective bounce following two days of sharp declines. Midday forecasts carrying reduced rain prospects for the Midwest later this week stirred some concern the crop may lose potential from persistent dryness in western parts of the region.
Wheat: September SRW wheat fell 22 3/4 cents to $7.63 1/4, the contract’s lowest closing price since Feb. 4. September HRW wheat fell 20 3/4 cents to $8.51. Prices closed near their session lows. September spring wheat fell 19 1/4 cents to $8.83 1/2, the lowest close in over a week. SRW futures tumbled near a 6 1/2-month low as the market remained burdened by several bearish factors, including weaker corn and soybeans, a firmer U.S. dollar and accelerating grain shipments out of Ukraine.
Cattle: October live cattle gained 17.5 cents to $145.85, the highest close since April 22. September feeders jumped $1.65 to $187.125, the highest close since Feb. 18. Live cattle extended Tuesday’s surge as the cash market continued showing strength, with the early-week average fed steer price at $147.21, up $1.21 from the week-ago figure.
Hogs: October lean hogs surged $1.475 to $98.05. Hog futures initially extended Tuesday’s sell-off but found support and fresh buying interest to post a strong rebound. Pork cutout values rose $2.38 early today to $123.53, led by a gain of nearly $19 in bellies. Tomorrow’s CME lean hog index is expected to decline another 44 cents to $120.62, the fifth drop in the past six sessions.
