Corn futures were able to close higher on Wednesday. Despite the sell-off in most commodity markets, corn was able to turn higher. Talk that China may be looking to buy U.S. corn and planting delay concerns were supportive. Wet weather continues to slow planting progress in the southern and eastern Corn Belt and weather forecasts call for more chances of rain. July closed 5 3/4 cents higher at $7.29 1/2 and December was 3 cents higher at $6.65 1/4.
Soybean futures closed lower on Wednesday. The market has now traded lower the last three days and six of the last seven trading days. Futures were pressured by weakness in crude oil futures, the lack of export buying interest from China and the large soybean crops in South America. July ended 11 3/4 cents lower at $13.52 and November was 15 3/4 cents lower at $13.38 1/2.
Wheat futures traded strongly lower on Wednesday. There was broad-based selling pressure in commodity markets today. Losses in equity markets and crude oil bled over into the wheat market. Fundamental news remains bullish as dry weather continues to negatively affect the winter wheat crop in the western and southern Plains. Cool and wet weather in the northern Plains continues to stall spring wheat planting. CBOT July was 21 1/4 cents lower at $7.72, KCBT July ended 20 1/4 cents lower at $8.77 3/4 and MGE July closed 17 cents lower at $9.15 1/4.
Cattle futures settled mixed on Wednesday. The market was near unchanged as futures discount to cash limited selling interest. But futures were still mostly lower on weakness in beef prices at midday and spillover selling from the broad-based sell-off in commodities. Beef demand has been slowed by high gas prices and cool, wet weather this spring over much of the U.S. June closed 5 cents lower at $110.55 and October was 18 cents higher at $118.23.
Lean hog futures closed lower on Wednesday. The market was pressured by declining pork prices and the weak tone in the cash market. Pork cutouts fell $1.12 on Tuesday thanks in large part to a big drop in pork belly prices. There is talk that high bacon prices have slowed demand. Cash hog prices were steady to $2 lower as most packers have slaughter needs covered for the week. June was 33 cents lower at $92.15 and August was 25 cents lower at $94.33.