CBOT futures closed higher on continued fund short-covering amid the heavy rainfall forecasts in the southern Corn Belt. Soybeans are the market leader due to unplanted acreage. All three commodities started strong, but corn and wheat turned lower by mid-morning even as soybeans moved higher. At the close, corn jumped up but wheat closed weakly, possibly on spread trading. CBOT futures were supported by a weaker US Dollar resulting from the Federal Reserve not raising its base interest rate.

Technically, corn has a double-bottom for support and soybeans are trending higher with this week’s rally. July beans have risen 50 cents since the June 1st low.

Cattle futures closed lower on concerns regarding demand once July 4th retailer orders are filled. Traders also face a monthly Cattle on Feed Report on Friday. Choice beef ended up 0.93 at 250.40; Select was up 1.82 at 244.38.

Lean Hog futures posted strong finishing prices. There could have been some short-covering profit-taking going on after the sharp down move abated Tuesday. FOB Plant Pork dropped .52 to 85.51 on weaker prices on Butts and Ribs; the rib primal hit a new record-high yesterday.

Corn Jly +5 359; Dec +5 375 Bean Jly +11 969; Nov +12 940 Meal Jly +3 324; Oct +3 306 Oil -5 3285 Wheat Jly +2 491; Dec +2 511 KC -1 505; MGE unch 548 Oats +2 255 Rice -7 973

LC Jun -10 15195; Oct -70 15295; Feb -60 15385 FC Aug -12 22472; Oct -5 22030; Jan +2 21080 LH Jly +85 7800; Oct +122 6677; Dec +125 6405 Milk Jly -36 1663; Aug -35 1684

 

US$ -.7% Dow +31 17936 SP +4 2100 NAS +9 5065 Tran -32 8316 VIX -.31 14.50

WTI -28 6017 Brent +3 6373 Gas -3 210 NG -5 285 HO +2 191 Eth -1 147 Gold +3 1184 Slvr +13 1609

2-yr -.033 0.657% 5-yr -.037 1.630% 10yr +.004 2.320% 30yr +.044 3.096%