Lean hog futures traded sharply higher on Wednesday. Futures bounced sharply off the losses on Tuesday due to strength in the cash market and pork cutout values. Pork cutouts were up $1.44 on Tuesday and are closing in on the record high level set last August. Pork exports for February were reported at up 7% from year-ago. Cash trade was steady to mixed today, but tightening supplies of market ready hogs should help support prices over the next few weeks. June closed $2.10 higher at $101.45 and July was $2.00 higher at $101.03.
Corn futures closed higher on Wednesday. The market was able to rebound from the sharp, fund led sell-off on Tuesday. Firm crude oil prices and some concern about potential planting delays were supportive factors. Weather forecasts call for cool and wet weather in the Midwest over the next 6-10 days. May ended 3 cents higher at $7.55 1/2 and December was 8 1/2 cents higher at $6.45.
Soybean futures traded higher on Wednesday. Futures were able to stabilize following the recent slide in soybeans and the broad based commodity sell-off on Tuesday. Some risk premium was added back into new-crop futures. Good yields will be needed to help rebound stocks, which are currently at very tight levels. May closed 3 3/4 cents higher at $13.33 1/2 and November was 7 1/4 cents higher at $13.51 1/2.