Chicago Close: Wheat Futures Retreat

After sharp gains just a day earlier, wheat futures ended lower on Wednesday.

Wheat gave back some of the technical advances posted Tuesday – with the Chicago market posting its largest one-day gain in seven months - as concerns about slow export demand and heavy U.S. supplies returned to the market. Further, state crop progress reports released earlier this week showed the condition of the Hard Red Winter crops in Kansas and Oklahoma well above the previous year. May Chicago wheat fell 5 ¾ cents to $4.47 ¼, May Kansas City lost 6 cents to $4.36 ¾ and May Minneapolis was down 10 ¼ cents at $5.50 ½.

Soybeans ended higher on the day, overcoming concerns about the impact African Swine Fever may have on soymeal demand in China. Over 100 outbreaks of the disease have been reported in China, killing thousands of animals and denting feed demand. Worries about potential spring planting delays, amid a major late-season storm hitting the central U.S. today and Thursday, offered support. May soybeans added 4 cents to $9.01 and new-crop November gained 3 ½ cents to $9.35 ¾.

Corn futures were little changed with the market also getting some support from weather worries. The May and December contracts each inched ¾ of a cent higher to $3.66 ½ and $3.92 ¼, respectively.

Live cattle futures ended higher today. Lean hogs were mixed.

Source: DePutter Publishing Ltd.

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