Corn, Soybean Futures Fall Again
Corn: December futures fell 10 1/2 cents to $6.82 1/4. Corn futures fell a second day amid looming harvest pressure and concern over a potential rail shutdown as early as Friday. Some U.S. railroads will start halting grain shipments Thursday, a day ahead of a potential work stoppage, Reuters reported.
Soybeans: November soybeans fell 23 2/3 cents to $14.55. December soymeal fell 70 cents to $423.10, while December soyoil fell 186 points to 64.87 cents. Soybean futures fell a second straight day as the market extended a profit-taking pullback from a climb to 2 1/2-month highs earlier this week.
Wheat: December SRW wheat rose 11 3/4 cents to $8.72 1/4 and December HRW wheat gained 13 1/4 cents to $9.47, both two-month closing highs. December spring wheat rose 6 3/4 cents to $9.38. Winter wheat rose to two-month highs behind weakness in the U.S. dollar, persistent dryness in the U.S. Plains and concern over potential disruptions from a U.S. rail strike.
Cattle: October live cattle fell 45 cents to $144.35. October feeders rose 90 cents to $181.425. Live cattle fell as wholesale beef extended a slump. Choice boxed beef fell $2.46 early today to $254.20, the lowest price since mid-March.
Hogs: October lean hogs fell $1.05 to $94.70, down from a four-week-high close Tuesday. October lean hogs led declines in futures after the market generated little followthrough buying interest from Tuesday’s rally. Slumping cash fundamentals continued to hang over the market.