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Corn, Soybeans Up Ahead of Thursday's USDA Reports

Wednesday's Closing Grain and Livestock Futures

Dec. corn closed at $4.72 and 1/2, up 3 and 1/2 cents
Nov. soybeans closed at $13.58 and 1/4, up 3 and 1/4 cents
Oct. soybean meal closed at $429.20, up 80 cents
Oct. soybean oil closed at 42.72, down 9 points
Dec. wheat closed at $6.48, up 1 and 1/2 cents
Oct. live cattle closed at $125.05, up 2 cents
Oct. lean hogs closed at $90.30, down 55 cents
Oct. crude oil closed at $107.56, up 17 cents
Dec. cotton closed at 84.35, down 12 points
Sep. Class III milk closed at $18.23, up 7 cents
Oct. gold closed at $1,363.50, down 20 cents
Dow Jones Industrial Average: 15,326.60, up 135.54 points

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Market News and ReCap

Soybeans were higher on short covering ahead of Thursday’s USDA numbers out at Noon Eastern/11 AM Central. On average, analysts expect a lower production estimate and tighter new crop ending stocks. Past that – the trade is watching the weather with a cooler, wetter pattern expected in many areas for the next few days. Soybean meal was mostly higher and bean oil was down modestly, with both pits also getting set up for the reports. China’s National Grain and Oils Information Center expects 2013 domestic soybean production to be 12.5 million tons, down 4.2% on the year.

Corn was up modestly on short covering prior to the USDA numbers. The trade expects USDA to lower the production estimate and new crop ending stocks number, the question on both is by just how much. The corn crop is pretty much made at this point and the trade is also waiting for the acreage adjustment expected in October’s updates. Ethanol futures were lower. China’s National Grain and Oils Information Center estimates 2013 domestic corn production at a record 215 million tons, up 4.6% from 2012.

The wheat complex was mostly firm in pre-report position squaring. U.S. and world wheat ending stocks are both expected to be up on the month thanks to good domestic and global harvest numbers. Fundamentals are pretty much neutral, so any surprise one way or the other could be a big deal for the complex. Nigeria bought 120,000 tons of 2013/14 U.S. hard red winter wheat and South Korea bought 23,000 tons of mixed U.S. milling wheat. New crop European wheat was weak. Dow Jones Newswires reports winter wheat planting is underway in western Canada, but there are delays in some areas due because of the late start to harvest.

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