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Corn: Corn futures were higher on the close Wednesday after a choppy trading session. Strength in crude oil and weakness in the dollar was supportive for prices, but the market was pressured at times by weakness in the wheat market and weather forecasts showing better chances of rain in the Corn Belt. September ended 2 1/4 cents higher at $5.77 1/2 and December was 2 cents higher at $5.96. Soybeans: Soybean futures closed mostly higher on Wednesday. The decline in the value of the dollar and strength in crude oil helped support prices today. The September contract led the way on strong gulf basis levels due to harvest delaying rains in the south. However, gains were limited by weakness in wheat and forecasts calling for better chances of needed rainfall in the Midwest. September ended 10 1/2 cents higher at $13.48 and November closed 3 1/2 cents higher at $13.48. Wheat: Wheat futures were strongly lower on Wednesday. The weakness was triggered by forecasts for much needed rainfall in the wheat growing regions in Australia and Argentina. Losses were extended once futures fell below technical support. CBOT Sep closed 27 3/4 cents lower at $8.02 3/4, KCBT Sep ended 25 1/4 cents lower at $8.40 1/2 and MGE Sep settled 20 cents lower at $8.76.
Technicals:
Cattle: Cattle futures closed strongly lower on Wednesday. Spillover selling from the limit losses in lean hogs and weaker boxed beef prices reported at midday pressured prices. Ideas of firm cash trade this week have been challenged by the weakness in futures and packers needing fewer cattle next week due to the closures for Labor Day. October ended $1.98 lower at $103.78 and December fell $2 to $105.23. Hogs: Lean hog futures dropped sharply on Wednesday with many contracts down the $3 daily limit. Plunging cash hog bids and cutout values were the key factors pressuring futures, but another decline for corn futures also contributed. News that Mexico might retaliate against U.S. pork for some new U.S. restrictions on imports of poultry also weighed on futures. October closed $3 lower at $70.50 and December was $3 lower at $70.70.
Cash Prices - August 26:
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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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