Grain & Oilseed Futures Close at Multi-Month Highs

Cattle futures edged higher on Wednesday, buoyed by fresh signs of strong demand for livestock and beef.

Live-cattle futures for October rose 32 to $103, December live-cattle futures picked up 50 to $104, and Feeder-cattle futures for October rose 42 to $121.

Hog futures declined, pressured by profit-taking after a three-session rally.

December hogs dropped 42 to 44.20, and the February contract fell 25 to 51.12.

Soybean futures jumped on Wednesday, pulled higher by robust demand for the oilseeds and sharply higher prices for soybean meal.  Corn and wheat also gained.

Soybeans rose to a two-month high, buoyed by surging prices for soybean meal, Wheat rose for a second consecutive session, bolstered by reports that Egypt, the world’s largest grain buyer, had purchased 420,000 metric tons of grain from Russia and Romania, indicating expanded global demand.

November Soybeans gained 19 1/4 to $10.10, December Chicago wheat climbed 7 1/4 to $4.11, December KC wheat gained 3 ½ to $4.17, and December corn advanced 4 3/4 to $3.54.

Cotton futures regained early week losses with the December contract gaining 77 to 69.26, and the March contract jumping 85 to 69.87.

Gold futures fell from a three-week high on Wednesday, as concerns over an interest-rate increase weighed on demand.  November gold fell $6.50 to $1,265.70, and November silver closed at $17.59, down 16 cents

Oil fell to a three-week low as market participants looked past a drop in U.S. crude stockpiles to focus on shaky prospects for a deal to cut production by OPEC.
November crude futures fell 78 cents to $49.18 a barrel, Gasoline futures fell 1.74 cents to $1.48 a gallon, and  Diesel futures fell 1.2 cents to $1.55 a gallon.

Natural gas continued the downward slide that wiped out more than a month of gains amid forecasts of unseasonably warm weather in the coming weeks. November Natural gas futures fell 4.3 cents to $2.73.

Quarterly results were the main driver for Wall Street on Wednesday as a decline in Apple shares weighed on the S&P 500 and Nasdaq, while the price-weighted Dow Industrials was buoyed by gains in Boeing.  The Dow gained 30 to 18,199, the Nasdaq closed at 5,250, down 33 and the S&P 500 dropped 3 to 2,139.


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.

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