Lean hog futures traded slightly lower on Wednesday. After opening higher, futures turned lower on profit-taking from recent gains. Traders were taking profits at the end of the month and quarter. The losses were triggered by the 94 cent drop in pork cutouts on Tuesday. Packer margins have tightened due the drop in pork and recent gains in the cash market. April closed 5 cents lower at $93.55 and June was 33 cents lower at $103.15.
Corn futures traded lower on Wednesday. The market was pressured by positioning ahead of the Prospective Plantings and Grain Stocks reports. Traders were selling corn and buying soybeans. Pre-report trade estimates for planting intentions range from 91 million to 92.6 million acres. The average is 91.8 million acres. May closed 8 1/2 cents lower at $6.63 1/4 and December ended 5 cents lower at $5.95 1/4.
Soybean futures closed solidly higher on Wednesday. The market was supported by positioning ahead of the Prospective Plantings report as traders were buying soybeans and selling corn. Pre-report estimates for planting intentions average 76.9 million acres, down from 77.4 million acres planted in 2010. Acreage at this level would keep supply/demand balance sheets very tight moving forward. May ended 10 1/2 cents higher at $13.72 and November was 9 1/4 cents higher at $13.63 1/2.