Lean hog futures traded higher on Wednesday. Strength in the cash market and spillover support from cattle pushed prices higher. Cash hogs were higher today as packers were raising bids for late week slaughter needs. April was 63 cents higher at $89.75 and June was 28 cents higher at $101.95.
Corn futures closed mixed on Wednesday. Old-crop contracts were lower on spillover pressure from wheat and soybeans. Corn was able to bounce off of lows and held up fairly well given the sharp decline in soybeans. Short-covering and commercial buying helped limit losses in old-crop and push new-crop slightly higher ahead of the USDA Supply/Demand report due out on Thursday morning. May ended 4 1/2 cents lower at $7.01 while December was 1/4 of a cent higher at $6.10 1/4.
Soybean futures traded sharply lower on Wednesday. The market continued to fall today on ideas that near-term export demand will be shifting from the U.S. to South America. Harvest weather is expected to improve and production estimates have been rising in Brazil and Argentina. USDA will update supply/demand estimates on Thursday morning. Trade expectations are for USDA to slightly raise the U.S. ending stocks estimate. May was 33 cents lower at $13.49 and November ended 26 cents lower at $13.20.