Lean hog futures closed higher on Wednesday. The futures market was able to turn higher on short-covering from recent strong losses. Ideas of improved pork demand and possible higher cash prices next week were supportive. However, gains were limited by the $1.07 drop in pork cutouts on Tuesday and the recent decline in the cash market. June ended 85 cents higher at $88.30 and July was 48 cents higher at $87.40.
Corn futures closed higher on Wednesday. The market was supported by further planting delay concerns. More rainfall in the eastern Corn Belt and northern Plains are expected to further delay planting in the areas where planting is furthest behind. Corn stocks are already forecast to be tight in the next crop year, so a decline in acreage or yields takes on added significance this year. July ended 9 cents higher at $7.42 1/4 and December was 8 1/4 cents higher at $6.70 3/4.
Soybean futures traded higher on Wednesday. Concerns about slow soybean planting progress due to more wet weather in the Midwest supported futures trade. Yield potential for soybeans could be hampered by late planting, although some acreage intended for corn could be switched to soybeans. The rebound in crude oil and the stock market also helped the market trade higher. July closed 4 3/4 cents higher at $13.77 and November was 6 3/4 cents higher at $13.61.