Corn futures followed their recent pattern again Wednesday morning. Tight old crop supplies are apparently supporting the nearby July contract. In contrast, optimism about the pace of Corn Belt plantings is depressing deferred futures, since forthcoming weather seems likely to allow corn plantings to be completed in something approaching a timely manner. July corn rose 3.25 cents to $6.6375/bushel Wednesday morning, while December dropped 7.25 cents to $5.4575.
Soybean futures are seemingly reacting to the same forces affecting corn prices. The expiring July future seemingly benefitted from old crop tightness in early Wednesday trading, whereas the improved planting pace implies seeding will be completed without a great deal of damage to fall harvest prospects. July soybean futures surged 16.5 cents to $15.4525/bushel by late Wednesday morning, while July soyoil slipped 0.11 cents to 48.48 cents/pound, and July soybean meal climbed $8.6 to $461.1/ton.
Wheat futures were reportedly suffering from seasonal pressure Wednesday morning. That is, talk that the harvest has begun in far southern portions of the Winter Wheat Belt may be undercutting the nearby contracts, whereas improved rainfall over the Corn Belt is seemingly depressing new crop futures. July CBOT wheat futures dipped 2.5 cents to $7.065/bushel around midsession Wednesday, while July KCBT wheat slid 3.25 cents to $7.475 and July MGE futures declined 4.0 cents to $8.17.
The latest news seemingly weighed upon livestock futures Wednesday morning. The late-morning wholesale report indicated that choice cutout was continuing its recent decline, but the real news of the morning concerned trade. That is, a monthly report stated April U.S. beef exports at 180.1 million pounds, which marked a 13.3% annual decline and a 19% drop from two years ago. These data imply diminished demand for American beef. June cattle slumped 0.50 cents to 120.45 cents/pound just before lunchtime Wednesday, while December fell 0.47 to 125.10. August feeder futures sank 0.37 cents to 145.20 cents/pound, and November lost 0.52 cents to 150.27.
Hog traders also seemed to react poorly to the weak monthly export sales report, since that stated April pork shipments since that figure fell 11.9% from last year. However, the noon pork report indicated a major jump in pork cutout, up 3.80 cents to 96.28 cents/pound, which almost surely powered the subsequent CME rebound. June hog futures had edged just 0.10 cents lower to 96.42 cents/pound around midday Wednesday, and December had fallen 0.35 cents to 80.47.