Optimism about near-term market fundamentals sent Chicago Mercantile Exchange hogs to a higher settlement for a second straight session Wednesday. August lean hogs closed up 115 at 83.37, August pork bellies closed up the 3-cent-a-pound daily price limit for the second day in a row on lean hogs' upswing. August bellies closed limit up at 102.75.
CME live cattle posted a firm settlement on short covering and front months' bullish price discounts compared with last week's cash cattle trade, Feeder cattle at the exchange ended weak on futures' price premiums to CME's feeder cattle index. August live cattle ended up 12 at 92.77, August feeders closed down 37 at 114.52.
U.S. wheat futures closed solidly higher on worries that a drought in the Black Sea region is tightening global supplies. Sep wheat in Chicago ended up 20 1/2 at $6.15, Sep wheat in KC jumped 15 3/4 to 6.30, and MGE Sep wheat finished up 17 1/2 at $6.43.
U.S. corn futures rallied Wednesday, as a surging wheat market pulled the market higher and prompted a wave of short-covering. September corn ended up 13 1/2 at $3.76.
Soybean futures ended higher Wednesday, propelling to a new high for the week on spillover strength from wheat futures and the uncertainty of 2010 production potential, Soy meal futures rallied to a new high for the week, and Soy oil ended higher, following the lead of soybeans. August soybeans finished up 12 1/2 at $10.10, August soy meal settled $7.20 at $301.70, and December soy oil gained a fraction to 39.57.
ICE cotton futures end lower in correction from recent gains as spread traders look ahead to supplies during the fall harvest. Dec cotton fell 39 to 76.31.
Gold edged higher Wednesday, rising above three-month lows on bargain buying but showing little direction as demand for refuge assets remains low. December gold gained 60 cents to $1,162.40 an ounce, September silver fell 18.5 cents, to $17.44 an ounce.
Crude futures fell slightly Wednesday, as mixed economic data and a report on U.S. oil inventories kept traders wary about demand in a sluggish recovery.
September crude dropped 51 cents to $76.99 a barrel, August gasoline gained 2 to 2.06 a gallon and August distillates fell 3 cent to 1.99 a gallon.
Natural gas futures finished higher Wednesday, propelled by forecasts of scorching temperatures across the eastern U.S. as the August contract expired. August Natural gas gained 9.9 cents to $4.77.
Stocks moved deep into red territory Wednesday following a disappointing durable goods report, the Federal Reserve's Beige Book and a mixed earnings report from aerospace giant Boeing. The Dow lost 39 to finish the day at 10,497, the Nasdaq closed at 2,264, down 23 2/3, and the S&P 500 finished down 7 ¾ at 1,106.
|