Crop Markets Called Higher on Wednesday
By Pork news source
| Wednesday, July 28, 2010
Corn futures are called 4 to 5 cents higher Wednesday. Renewed buying interest was seen overnight as the market recovers from recent weakness. Weather forecasts are generally favorable for the corn crop, although problem areas in the Corn Belt remain.
Soybean futures are called 5 to 6 cents higher. Strong old and new-crop demand and weakness in the dollar has triggered gains in soybeans overnight. Weather forecasts are generally favorable for crop production over the next couple of weeks. Most of the Midwest is expected get rainfall at some point over the next week or two. The rally in wheat overnight is helping to rally corn and soybeans.
Lean hog futures are called steady to higher. Supportive cash fundamentals will be supportive. Pork cutouts were up slightly on Tuesday and favorable packer margins are expected to help keep the tone in the cash market firm. But gains are expected to be limited concern that packers will continue to limit slaughter to help maintain margins.
Source: Doane
