Corn & Bean Futures Gain on Weather Issues

Hog futures were mixed, easing after starting the week with an emphatic rally.

October lean hog futures fell 20 to 63.55, December gained 10 to 60.27.  Analysts said the rally created upward momentum in a market that has otherwise been under pressure.

Cattle futures, meanwhile, rose as higher beef prices boosted the market. October live cattle gained 27 to $104, December gained 42 to $109, and September feeders gained 125 to $143.

Corn and soybean futures extended gains amid ongoing concerns about difficult weather and crop conditions.

Grain and oilseed prices were mostly lower overnight before reversing course. Prices rose after the U.S. Department of Agriculture showed crop conditions steady to poorer in a report released late Tuesday. Meanwhile, export demand for U.S. crops further supported prices. Wheat futures were mixed

September corn futures rose 2 ¾  to $3.47, September soybeans climbed 4 to $9.64, September Chicago wheat fell 8 ¾  $4.21 while later months rose, and September KC wheat gained 3 ¾ to $4.23.

Cotton futures stagnated a bit on Wednesday, waiting and watching for more weather news.  October cotton closed unchanged at 75.26, and December dropped 38 to 74.50.

U.S. crude-oil stocks are expected to show an increase in data due Thursday from the Department of Energy, according to a survey of analysts and traders by The Wall Street Journal.

The damage done by Tropical Storm Harvey is likely to muddle the numbers on crude-oil and product inventories over the next few weeks, leading to some uncertainty in analyst forecasts and a wide range of expectations for storage reports.  October crude gained 43 cents to $49.09 a barrel, October gasoline fell 3 cents to $1.67 a gallon, and October nat gas gained 3 cents to $3.00.

Stocks on Wall Street climbed on Wednesday, boosted by energy shares and helped by news of an agreement to extend the debt limit, as stocks bounced back from a day-earlier selloff.  The Dow gained 54 to 21,807, the Nasdaq closed at 6,393, up 17 and the S&P 500 gained 7 to 2,465.

A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.