Corn futures traded lower on Wednesday. Profit-taking and fund selling weighed on the market. The dollar was supported by the Federal Reserve’s upgraded economic outlook. New-crop contracts were also pressured by ideas of increased acreage and on warm weather that could speed up spring fieldwork in parts of the Plains and Midwest. May closed 3 1/4 cents lower at $6.58 3/4 and December was 3 1/2 cents lower at $5.64.
Soybean futures were mostly higher on Wednesday. The market was supported by soybean/corn spreading and concern about tight old-crop stocks. The declining South American soybean production estimates will lead to further tightening of world soybean supplies. The monthly NOPA crush report February soybean crush at 136.4 million bushels, above trade expectations of 134.5 million. The November contract ended slightly lower on ideas of increased soybean acreage this spring. May ended 1 1/2 cents higher at $13.50 1/4 while November was 1/2 of a cent lower at $13.11.
Wheat futures closed lower on Wednesday. Strength in the dollar index and spillover weakness from corn weighed on the market. In addition, weather conditions are generally favorable. Warm weather in the Plains and Midwest will help winter wheat growth and could help some early spring wheat planting in the northern Plains. CBOT May ended 5 1/4 cents lower at $6.43 3/4, KCBT May was 6 1/2 cents lower at $6.81 and MGE May closed 4 1/2 cents lower at $8.06 1/2.
Cattle futures are closed lower on Wednesday. The market was pressured by declining beef prices and strength in the dollar index. There is concern that the recent strength in the dollar could slow export demand. Traders are worried about soft domestic demand although seasonally demand should begin to improve soon. April ended 70 cents lower at $127.03 and June was 90 cents lower at $123.90.
Lean hog futures traded lower on Wednesday. Strength in the dollar index and signs of slowing pork demand from China weighed on the market. Hog numbers in China are being increased, which will likely limit pork imports by china. Pork prices have improved slightly the past few days, but the seasonal improvement in pork prices has been disappointing so far. April closed 28 cents lower at $87.40 and June was 48 cents lower at $94.55.