Market Summary: Wheat Futures Fall on Harvest News in the Plains

Lean-hog futures at the CME were mostly lower Wednesday. Views by some traders that prices may have hit a seasonal peak early in the week likely led to additional selling interest. July lean hogs fell 2 to 99.95 the August contract was down 5 at 97.65.

Technical support and seasonal buying helped boost live-cattle futures at the Chicago Mercantile Exchange Wednesday.The soon-to-expire June live cattle contract hit a two-week high while August futures, the most-actively traded, hit nearly a two-month high. June closed up 12 at $121 and August gained 105 and closed at $122.

U.S. corn futures settled mixed Wednesday, as traders positioned themselves for major government crop reports Friday. Nearby soybean futures also rose, while deferred soybeans fell. Traders bought nearby soybeans to exit bearish positions ahead of the USDA reports. And Wheat futures fell on the prospect of a bigger-than-expected harvest of winter wheat in the southern Plains. Yields reported by farmers harvesting in Kansas and Oklahoma in the last week generally have been strong, analysts say.

July corn gained 7 3/4 to $6.64, July soybeans gained 9 to $15.34, July wheat in Chicago fell 8 3/4 to $6.67 July wheat in KC fell 10 to $9.94, and July soybeans rose 9 to $15.34.

Cotton saw another down day on Wednesday, this time attributable to the stronger dollar. October cotton fell 66 to 85.29, and December new crop fell 125 to 83.70.

Gold futures settled at their lowest level in nearly three years as worries that the Federal Reserve would soon scale back its bond purchases overwhelmed the market. August gold fell $45.30 to $1,229.80, July silver closed at $18.58, down 93.9 cents
 

Natural-gas futures snapped a four-day losing streak Wednesday, amid bargain hunting related to the expiration of the July contract. July Natural gas went off the board with a 6 cent gain, to $3.70.
 

Crude-oil futures edged higher Wednesday after the U.S. Energy Information Administration said domestic oil inventories were flat last week and gasoline inventories surged to the highest level for this time of the year in two decades. August crude gained 18 cents to $95.50 a barrel, July gasoline fell a fraction to $2.73 a gallon, and July distillates also fell a fraction to $2.85 a gallon.
 

On Wall Street stocks rallied for a second straight day as a downward revision in the economy’s growth rate soothed investor concerns that the Federal Reserve would soon begin to withdraw its stimulus. The Dow gained 149 to close at 14,910, the Nasdaq closed at 3,376, up 28, and the S&P 500 gained 15 to 1,603.
 


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