Grain, Soybean Futures in Corrective Rebound
Corn: 4 to 6 cents higher.
Soybeans: 13 to 15 cents higher.
Wheat: 4 to 8 cents higher.
Cattle: Steady-mixed
Hogs: Steady-weaker
Corn, soybean and wheat futures rose overnight on corrective buying following two days of sharp declines. Malaysian palm oil futures firmed 0.4%, while front-month crude oil futures are near unchanged after falling to 6 1/2-month lows Tuesday. U.S. stock index futures signal a weaker open, while the U.S. dollar index is up around 300 points.
The Midwest weather outlook remains mostly price-negative for corn and soybean futures. Timely rain is expected across much of the region the rest of this week while temperatures will remain mild, World Weather Inc. said. Significant rain is expected in Texas and parts of Oklahoma early next week following light showers tonight into Friday morning. The rain may provide some relief to northern and western Texas following months of dryness, but the moisture will arrive too late for most crops, the forecaster said.
