Wheat Futures Rebound, Corn Also Firmer

grains recap
grains recap
(Commodity Update)

Corn: December corn rose 7 cents to $6.97 3/4, 1/2 cent below the 3 1/2-month closing high posted Monday. Corn futures bounced back from overnight declines with support from a rally in the wheat markets, which climbed following reports Vladimir Putin may not agree to renew a deal that’s allowed grain shipments from Ukraine’s Black Sea ports since August.

Soybeans: November soybeans fell 1/4 cent to $13.95 3/4, after dropping as low as $13.78 3/4 earlier. December soymeal fell $3.30 to $411.00. December soyoil rose 84 points to 66.43 cents. Soy complex futures ended mixed as bullish factors, such as crude oil strength and a sharp drop in the U.S. dollar, were offset by pressure from the accelerating U.S. harvest.

Wheat: December SRW wheat rose 10 cents to $8.92 1/4. December HRW wheat gained 12 1/4 cents to $9.82 1/4. December spring wheat rose 12 1/4 cents to $9.79. Wheat futures rebounded from overnight declines following reports Russia may not agree to renew a deal allowing Ukrainian grain exports from Black Sea ports.

Cattle: December live cattle fell 52.5 cents to $147.925. November feeder futures slid 57.5 cents to $176.10. Cattle futures extended a recent sideways trade as the market watched for direction from the cash markets, which appeared to be slipping slightly from last week’s levels.

Hogs: December lean hogs fell 10 cents to $80.60. Hog futures rose near a three-week high early before turning lower on profit-taking and corrective selling. Futures remained underpinned by stronger technicals and signs the cash market is bottoming. The CME lean hog index fell to an eight-month low today at $92.49 but is expected to rise 18 cents Friday to $92.67.

 

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Corn, Soybeans & Wheat Prices Fall; Cattle Mixed

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