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Corn: Corn futures settled lower on Wednesday. The market was pressured by the Supply/Demand report. USDA raised their ending stocks projection for 2009/10 to 1.799 billion bushels, up 80 million from last month and from trade expectations. USDA lowered their production number by 20 million bushels, but lowered the exports forecast by 100 million. Losses were limited by spillover strength from soybeans and higher crude oil prices. May closed 3 1/2 cents lower at $3.65 1/2 and July was 3 1/2 cents lower at $3.76 1/2. Soybeans: Soybean futures closed higher on Wednesday. The market opened lower, but quickly turned higher. The Supply/Demand report was neutral to slightly supportive for soybeans. USDA trimmed the 2009/10 ending stocks projection to 190 million bushels, down 20 million from last month. Soybean exports were raised 20 million bushels to a record 1.42 billion bushels. Weakness in the dollar and the uptick in crude oil prices were also supportive. May was 10 1/2 cents higher at $9.58 and July ended 9 1/2 cents higher at $9.65 1/2. Wheat: Wheat futures traded lower on Wednesday. The Supply/Demand report released this morning was bearish. Ending stocks for 2009/10 were raised to 1,001 million bushels, up 20 million from last month and 30 million above trade expectations. USDA cut food use by 20 million bushels. U.S. ending stocks are expected to be the largest since 1987/88. Weakness in the dollar and spillover strength from soybeans helped limit further losses. CBOT May closed 8 cents lower at $4.81 1/2, KCBT May was 6 1/2 cents lower at $4.91 and MGE May ended 4 3/4 cents lower at $5.06 1/2.
Technicals:
Cattle: Cattle futures closed lower on Wednesday. Profit-taking weighed on the market as traders were correcting technically overbought conditions. But losses were limited by strength in boxed beef prices yesterday and at midday. Cash trade is expected to be steady to firm this week, although there has been little interest from packers for cattle through midweek. April ended 53 cents lower at $93.88 and June was 60 cents lower at $91.73. Hogs: Lean hog futures were mostly higher on Wednesday. Short-covering following the losses on Tuesday helped push prices slightly higher. But gains were limited by bearish cash fundamentals. Pork cutout values were lower on Tuesday and there is a weak tone developing in the cash market. April closed 15 cents higher at $72.55 and June ended 18 cents higher at $80.65.
Cash Prices - December 2:
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Doane Agricultural Services 11701 Borman Drive St. Louis, MO 63146 Phone: (314) 569-2700 FAX: (314) 569-1083 |
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