Wheat posts biggest gain in 6 weeks on Wednesday

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Corn futures closed higher on Wednesday. Corn contract closed strong, reversing losses in overnight trade. Strong export demand for US corn lifted prices. Exporters reported sales of 900,000 tonnes of corn to China, of which an increase of 240,000 tonnes is reported as new sales for delivery in 2012/13. July is 22 3/4 cents higher at $6.20 and December is 11 3/4 cents higher at $5.26 1/4.

Soybean futures closed mixed on Wednesday. Spillover support from rising soybean meal futures helped to encourage soybean prices. U.S. export sales are expected to be down adding additional pressure to prices. Overall long term supply and demand fundamentals will support prices. The July contract is up 9 cents at $14.22, and the November contract is down 2 3/4 cents at $13.02 1/4.

Wheat futures closed higher on Wednesday. Wheat futures soared despite resistance from outside market factors. Calls for warm, dry weather across the US Plains continued to push prices upward as traders are concerned the winter wheat crop would be damaged. The CBOT contracts were up 5 percent, posting their largest gains in six weeks. CBOT July is 30 1/4 cents higher at $6.38 3/4; KCBT July is 28 1/2 cents higher at $6.56; and MGE July is 9 1/2 cents higher at $7.60.

Cattle futures closed higher on Wednesday. Cattle futures remained firm although beef cutout values declined. The USDA Cattle on Feed report is expected to show a decline in April placements. April placements are expected to be down 11.6 percent at 1.57 million head. June cattle futures are 50 cents higher at $116.87 and August is 23 cents higher at $118.95.

Lean hog futures closed higher on Wednesday. Hog futures turned high on optimism the cash markets are expected to be 50 cents to $1 higher this week, gearing up for the upcoming holiday. Pork cutout values were up 25 cents at $82.24. Packer margins remain mixed and demand is light to moderate. The June contract is up 15 cents at $86.50, and July is 10 cents higher at $87.62.



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