Lean hog futures closed lower on Wednesday. Futures opened higher on outside market support. Strong losses in the dollar are bullish for pork exports and strength in the stock market is a bullish sign for domestic demand. But futures turned lower on pressure from steady to lower cash bids. There is some concern that near record high pork prices will limit demand. June fell 63 cents lower at $101.40 and July was 55 cents lower at $101.18.
Corn futures closed strongly lower on Wednesday. Futures were strongly higher this morning on spillover support from crude oil and the stock market. However, new-crop led the decline as extended forecasts for drier weather. More rain is in the forecast for the Midwest over the next week, but the weather pattern is then expected to turn drier. The market was also pressured by a report showing ethanol production last week fell to the lowest level in nearly seven months. May ended 16 1/4 cents lower at $7.32 3/4 and December was 20 1/2 cents lower at $6.55 1/2.
Soybean futures were solidly higher on Wednesday, although gains were trimmed late in the session on weakness in corn. The strong decline in the dollar index and strength in crude oil and the stock market helped support prices. The rally in crude oil helped push soybean oil and the soy complex. May closed 15 3/4 cents higher at $13.57 3/4 and November was 12 cents higher at $13.66.