Lean hog futures were higher on Wednesday. While some commodities were pressured again by concern about Japan, hog futures found support on ideas that they may need to import more pork to rebuild food stocks. Cash prices were steady to slightly lower this morning. Packer margins remain favorable but many plants are resisting higher bids and are taking a wait and see approach to the aftermath from the earthquake in Japan. April closed 43 cents higher at $85.30 and June was 60 cents higher at $95.35.
Corn futures traded mixed on Wednesday. Old-crop contracts turned lower late in the session on concern about potential delays or cancellations of corn shipments to Japan. The market rallied this morning on easing concern about Japan, but the nuclear power plants and leaking radiation in Japan remains a big problem. But new-crop futures were able to hold onto small gains at the close on spillover support from soybeans and a technical recovery from recent losses. May futures closed 19 1/2 cents lower at $6.16 1/2 while December was 1 1/4 cents higher at $5.49 1/4.
Soybean futures were solidly higher on Wednesday. The market was able to make a technical bounce from recent losses. Fears about the affects of the earthquake in Japan have eased some, although concern remains about the nuclear plants and radiation leaks. Tight ending stock projections remain an underlying supportive factor. However, gains were limited by increasing harvest progress in Brazil and Argentina on what are expected to be large crops. May futures closed 17 cents higher at $12.87 while November was 12 3/4 cents higher at $12.50 3/4.