Soybean futures closed 37 to 39 cents higher in 2010-crop
contracts, while 2011-crop contracts ended mostly 27 to 29 cents
higher. Sharp weakness in the dollar triggered widespread buying in
the commodity world today, which led to aggressive fund buying in
the soy complex today.
Corn futures closed 9 cents higher in the March through July
contracts, with far-deferred months 4 to 7 cents higher. December
2010 corn posted a new for-the-move high close, finishing at $5.90.
Yesterday's announcement by the Federal Reserve it will purchase
$600 billion in government debt by the end of the second quarter of
next year triggered sharp selling in the dollar.
Wheat futures closed 20-plus cents higher at all three exchanges
on help from positive outside markets and neighboring pits. Sharp
weakness in the dollar resulted in widespread buying in the
commodity markets, as the Continuous Commodity Index moved above
the March 2008 high, making next resistance the all-time high of
Cotton futures closed sharply higher. March cotton closed the
500-point daily limit higher, while the December, May and July
contracts closed near limit higher. Cotton benefitted from a fresh
wave of buying due to positive outside markets. Weakness in the
dollar triggered widespread buying in the commodity markets. Cotton
is certainly not a \"value\" buy, but the strong uptrend is still
attracting technical-related interest.
Lean hog futures closed 50 cents to $1.25 higher, supported by
positive outside markets and some unexpected firmness in the cash
hog market. Weakness in the dollar triggered widespread buying in
the commodity markets, which spilled into the hog pit. Traders may
start to view hogs as a \"value buy\" after an extended
Live cattle futures were firmer throughout the day, although the
December contract weakened into the close to finish 5 cents lower.
The rest of the pit closed 30 to 80 cents higher. Feeder cattle
futures closed 20 cents to $1 lower, pressured by strength in corn.
General buying in the commodity markets helped to lift live cattle