Lean hog futures traded mostly lower on Wednesday. Front end contracts led the decline despite firm pork prices on Tuesday and steady to higher cash hog markets. Concern about the economy and weakness in the stock market along with larger stocks of pork weighed on the market. USDA estimated pork stocks at the end of January at 541 million pounds, up 14% from December and 10% above year-ago. April closed $1.30 lower at $90.98 and June was 70 cents lower at $101.70.
Corn futures closed solidly higher on Wednesday. Futures were able to rebound from the limit losses on Tuesday and strong losses overnight. Short-covering and the bounce in soybean prices helped push corn higher. Crude oil futures are higher again today, which is a supportive factor for corn as corn for ethanol demand should increase. Traders were also evening positions ahead of the USDA Outlook Conference corn acreage estimate due out later this week. CBOT March was 11 3/4 cents higher at $6.91 1/2 and December was 9 1/4 cents higher at $5.91 3/4.
Soybean futures have traded strongly higher on Wednesday. Short-covering supported prices following the sharp losses posted on Tuesday. The dollar was strongly lower today and further strength in crude oil provided support to soybean oil futures and the soy complex. March closed 22 cents higher at $13.20 and November was 21 1/2 cents higher at $12.95 3/4.