Corn futures traded lower on Wednesday. Fund selling weighed on the market as traders are turning their attention to the Crop Production and Supply/Demand reports due out next Monday. Losses were limited by strength in the stock market, weakness in the dollar and declining crop conditions ratings. USDA pegged the crop as 52% good to excellent last week, down 2 points from the previous week. December closed 7 3/4 cents lower at $7.48 and March was 7 1/2 cents lower at $7.60 3/4.

Soybean futures were mixed on Wednesday. Front end futures were pressured by technical selling and weakness in the cash market ahead of harvest. But losses were limited and deferred contracts were higher on strength in the stock market and crude oil and weakness in the dollar index. Also, USDA pegged the crop at 56% good to excellent, down 1 point from the previous week. November closed 1 3/4 cents lower at $14.20 3/4 and January ended 3/4 of a cent lower at $14.31 1/2.    

Lean hog futures were higher on Wednesday. Short-covering from technically oversold conditions helped push prices strongly higher. Pork cutout values were down 77 cents on Tuesday, but ideas are that pork prices will stabilize as retailers restock meat cases following the Labor Day weekend holiday. October closed $1.50 higher at $84.85 and December was $1.15 higher at $82.40.

Source: Doane