OMAHA (DTN) -- December corn is up 3/4 cent, November soybeans are up 8 cents, December K.C. wheat is up 7 3/4 cents, December Minneapolis wheat is up 6 cents and Chicago December wheat is up 7 1/2 cents. U.S. wheat markets continue to lead the way, while corn has stayed in the same tight range since the open. Overnight reports showed South Korea buying two vessels of optional origin corn, which will likely be sourced from the U.S. Front month WTI crude oil futures are surging higher, up 99 cents per barrel, thanks to a bullish EIA report showing the fifth straight weekly crude oil draw putting stocks at three-year, seven-month low and another draw at Cushing to a six week low. The U.S. dollar has turned lower, down 0.059.
Posted 08:41 -- After the open, December corn is up 1 cent, November soybeans are up 4 1/4 cents, December K.C. wheat is up 5 1/2 cents, December Minneapolis wheat is up 3 1/2 cents and Chicago December wheat is up 4 cents. U.S. wheat markets still finding support from higher Paris milling and Australian wheat futures as the market focus remains on production concerns in Australia from dry weather and the weekend freeze. Corn and soybeans took a breather from lower prices so far this week, but with much of the Corn Belt expecting dry weather in the next week except the northwest and north-central areas, markets could start to feel some harvest pressure. The U.S. dollar is higher, up 0.012.Livestock
Posted 09:29 -- Moderate buyer interest is slowly but steadily moving into the feeder cattle complex. This is adding additional support to the cattle market, as most feeder cattle futures are holding 20 to 30 cent gains. Early pressure in live cattle trade has eased in the first hour of trade, although the live cattle futures as nearby futures are holding single-digit losses. Limited activity is expected to be seen through most of the morning in cattle markets as traders try to balance short- and long-term direction through the upcoming days and weeks. Hog futures remain mixed in a wide range from 80 cents lower to 55 cents higher, although most of the early trade is associated with position taking following Tuesday's market surge.
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