Lean hog futures traded mostly lower on Wednesday. The nearby April contract was supported by higher cash trade. Pork prices were $1.14 higher on Tuesday and Midwest cash hog prices were reportedly steady to $2 higher this morning. But deferred months were pressured by profit-taking from recently set contract highs. April closed 28 cents higher at $93.98 while June was $1.75 lower at $101.50.
Corn futures closed mixed on Wednesday. Old-crop futures were pressured by profit-taking from the recent rally to record high levels. Traders were beginning to even positions ahead of the USDA Supply/Demand report due out on Friday morning. But new-crop futures turned lower late in the session. The potential for planting delays this spring remains a concern as wet conditions remain in parts of the Midwest. May ended 3 3/4 cents lower at $7.63 while December was 3/4 of a cent higher at $6.47 1/2.
Soybean futures were mixed on Wednesday. The market was able to rebound from losses the previous three sessions in old-crop contracts. Slowing seasonal demand as exporters turn to the newly harvest crop in South America had pressured futures recently. In addition, Brazil's crop agency Conab raised their soybean crop projection by 3% from last month to a record 72.2 million tonnes. New-crop traded lower despite some strength early in the session on profit-taking in the corn/soybean spread. May closed 3 1/4 cents higher at $13.76 1/2 while November ended 2 1/2 cents lower at $13.76 1/4.