Talk of large stocks and warmer weather are reportedly depressing corn futures. Pre-report estimates for next Monday’s quarterly Grain Stocks report seemingly topped above prior expectations. In addition, forecasts for much warmer and wetter Midwest weather next week is increasing planting discussions. Both developments seem somewhat bearish. May corn settled 2.0 cents lower at $4.845/bushel Wednesday afternoon, while December slid 2.25 to $4.84.
Cash firmness supported beans and meal Wednesday. The soy complex suffered modest losses along with corn and wheat Tuesday night, but beans and meal moved steadily higher as the day passed. The advance seemed somewhat technical in nature, but reports of reluctant producer selling and firming country prices reportedly played a role as well. May soybeans rallied 12.00 cents to $14.40/bushel at their Wednesday close, while May soyoil slipped 0.01 cent to 40.73 cents/pound, and May soymeal added $5.4 to $469.1/ton.
The wheat markets seemed focused on bearish production prospects. Forecasts for improved rainfall over the central U.S. next week seemed to weigh upon nearby wheat futures Wednesday morning. Conversely, ideas that next Monday’s Prospective Plantings report will state wheat seeding intentions well above last year appeared to depress the deferred contracts. May CBOT wheat futures fell 11.5 cents to $6.9675/bushel in late Wednesday action, while May KCBT wheat futures plunged 20.5 cents to $7.7125 and May MWE futures dove 16.25 cents to $7.4675.
Cash strength supported cattle futures. News of firm cash trading provided a modest boost for the CME cattle market yesterday. Those southern Plains reports were followed by news of a $2.00/cwt advance in Nebraska prices later in the day, which almost surely powered the CME gains seen Wednesday. April cattle futures soared 1.42 cents to 145.80 cents/pound at the daily close, while August ran up 0.95 cents to 134.85. Meanwhile, April feeder cattle jumped 1.27 cents to 178.62 cents/pound, and August leapt 1.07 to 180.52.
Hog futures apparently bounced from early lows Wednesday. Talk of cash and wholesale weakness seemingly triggered Tuesday’s big technical hog futures plunge. However, the afternoon reports proved much more supportive than was seemingly anticipated. Futures continued sliding in early morning action, but reversed to the upside in late morning action. April hog futures advanced 0.82 cents to 122.47 as Wednesday’s pit session ended, while June climbed 1.10 to 126.30.