Lean hog futures settled lower on Wednesday. Futures rallied to new highs today before profit-taking developed to push prices lower. Some more weakness in the cash market was bearish for futures trade. However, firm pork cutout values, positive packer margins and tightening supplies of market ready hogs are expected to help the cash market recover some next week. April closed 65 cents lower at $91.90 and June was 38 cents lower at $101.98.
Corn futures traded lower much of the day on Wednesday, but futures turned steady to slightly higher late in the session. Short-covering and bargain buying helped support the market. Futures were pressured much of the day by ideas that high prices are slowing demand and lingering bearishness from USDA's baseline acreage number of 92 million. Weakness in the dollar and a rebound in crude oil helped corn bounce late in the session. March was unchanged at $6.90 1/2 and December ended 1/2 of a cent higher at $5.92.
Soybean futures closed lower on Wednesday. The market was pressured again today on rising soybean crop estimates in Brazil and improved conditions in Argentina. With harvest beginning in Brazil, global demand for soybeans is shifting to South America. However, weakness was limited by the tight ending stocks projections for this crop year and the need for soybeans to compete for acreage this spring. March ended 2 cents lower at $13.66 and November was 4 cents lower at $13.28 3/4.