Lean hog futures were mostly lower on Wednesday. Except for the nearby April contract, futures were pressured by lower pork prices on Tuesday and steady to lower cash markets. There is talk that pork exports are slowing with South Korea completing some of their purchases. Higher crude oil prices were also a bearish factor as higher energy prices threaten to slow the U.S. and global economic recoveries, which could hurt demand. April closed 15 cents higher while June was 13 cents lower at $99.80.
Corn futures turned mostly lower on Wednesday. Profit-taking pushed old-crop months lower after the spot month rallied to the highest level since 2008 on Tuesday. Also, some projections have China's corn acreage at record high levels in 2011. But new-crop contracts were mixed as soybeans were higher and corn needs to compete for acreage this spring. May was 14 cents lower at $7.21 1/2 while December was 3/4 of a cent higher at $6.05 1/2.
Soybean futures were solidly higher on Wednesday. Futures were supported by talk that China could be in the market for U.S. soybeans. Rain is delaying harvest activity in Brazil and could push some near-term demand to the U.S. The market was also supported by rising crude oil prices, which helped push soybean oil and the soy complex higher. Strength in the stock market and weakness in the dollar index were also bullish factors. May closed 19 cents higher at $13.94 1/4 and November was 17 1/2 cents higher at $13.45 3/4.