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Corn: Corn futures were lower again on Wednesday. Weather forecasts remain mostly dry for the western Corn Belt, which should provide an opportunity for planting to proceed. However, rain continues across much of the southern and eastern Corn Belt. While weather forecasts are less than ideal, it looks like planting progress will move ahead well enough to keep plantings from falling too much further behind. July ended 11 cents lower at $5.96 1/4 and December closed 10 1/2 cents lower at $6.20 1/2. Soybeans: Soybean futures closed steady to higher on Wednesday. The July contract ended unchanged, pulled lower by weakness in corn while Argentine farmer strike implications on demand for U.S. soybeans provided support. New-crop was higher on ideas that improved planting weather for corn will limit the increase in soybean acreage. July was unchanged at $13.79 1/2 and November ended 7 1/4 cents higher at $13.33. Wheat: Wheat futures ended lower on Wednesday except for the MGE May contract. CBOT wheat futures hit the lowest level in five-months on spillover pressure from corn and the approaching winter wheat harvest. Ideas of increased world and U.S. production remain bearish factors. The MGE May contract shot higher on short-covering and bull spreading due to tight old-crop spring wheat supplies. CBOT Jul was 31 3/4 cents lower at $7.64 and KCBT Jul ended 24 1/4 cents lower at $8.11. MGE Jul was 9 cents lower at $10.38 and Sep was 23 cents lower at $8.63.
Cattle: Cattle futures were mixed on Wednesday. The market opened higher, quickly turned lower only to rebound again late in the session. There is little new in the market as futures markets wait for cash trade later this week and USDA’s Cattle on Feed report Friday afternoon. June ended up 28 cents at $94.62. August closed 25 cents higher at $100.22. August feeder cattle closed 10 cents higher at $112.75. Hogs: Lean hog futures closed mixed on Wednesday, with front end contracts higher. Speculative buying helped rally the market despite some weaker cash bids this afternoon. Deferred contracts were again pressured by weakness in corn. June closed 50 cents higher at $78.18 while October ended $1.30 lower at $73.55. Cash Prices - May 13:
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