Lean hog futures traded mostly lower on Wednesday. The April contract closed higher on strength in the cash market and firm pork cutout values. Cash prices are steady to higher this morning. But deferred contracts were pressured by profit-taking following strength the previous five trading sessions. Pork stocks reported in the Cold Storage report Tuesday afternoon showed pork in storage up 7% from last month and up 12% from year-ago. April closed 38 cents higher at $90.08 while June fell 93 cents to close at $100.53.
Corn futures closed lower on Wednesday. Fund selling and spillover pressure from soybeans and wheat pushed corn futures lower today. Strength in the dollar index and the lack of confirmation on rumored export sales to China were bearish factors. Further losses were limited by positioning ahead of the Prospective Plantings report and weather forecasts for cool and wet weather in the northern and eastern Corn Belt, which will slow spring fieldwork. May ended 5 3/4 cents lower at $6.81 and December was 2 1/2 cents lower at $6.09 3/4.
Soybean futures traded lower on Wednesday. Strength in the dollar and ideas that export demand will continue to shift to the newly harvested crop in South America pressured prices. Further losses were limited by harvest delaying rainfall and flooding in parts of Brazil. Also, traders are waiting for direction from the Prospective Plantings report due out next week. May ended 14 1/4 cents lower at $13.51 1/4 and November closed 10 3/4 cents lower at $13.33 1/4.