Corn futures closed higher on Wednesday. The market was supported by further planting delay concerns. More rainfall in the eastern Corn Belt and northern Plains are expected to further delay planting in the areas where planting is furthest behind. Corn stocks are already forecast to be tight in the next crop year, so a decline in acreage or yields takes on added significance this year. July ended 9 cents higher at $7.42 1/4 and December was 8 1/4 cents higher at $6.70 3/4.
Soybean futures traded higher on Wednesday. Concerns about slow soybean planting progress due to more wet weather in the Midwest supported futures trade. Yield potential for soybeans could be hampered by late planting, although some acreage intended for corn could be switched to soybeans. The rebound in crude oil and the stock market also helped the market trade higher. July closed 4 3/4 cents higher at $13.77 and November was 6 3/4 cents higher at $13.61.
Wheat futures were strongly higher on Wednesday, led by gains at the MGE. Strength in the cash market and concerns about further planting delays in the northern Plains rallied the MGE. There is also talk of possibly some front in northern Plains. Winter wheat markets were pulled higher as well on spillover strength from the MGE and on concerns about the expected shortfall in HRW wheat production. CBOT July closed 16 3/4 cents higher at $7.96 1/2, KCBT July was 16 3/4 cents higher at $9.28 3/4 and MGE July ended 31 1/4 cents higher at $10.20.
Cattle futures traded strongly higher on Wednesday. Short-covering from recently losses and technically oversold levels and ideas that the cash market could be near a bottom supported futures trade. Strength in boxed beef prices are helping to widen packer margins. Cash trade was reported in Nebraska at $106, up $2 from the $104 trade in the southern Plains earlier in the week. June closed $2.18 higher at $104.55 and August was $1.33 higher at $105.23.
Lean hog futures closed higher on Wednesday. The futures market was able to turn higher on short-covering from recent strong losses. Ideas of improved pork demand and possible higher cash prices next week were supportive. However, gains were limited by the $1.07 drop in pork cutouts on Tuesday and the recent decline in the cash market. June ended 85 cents higher at $88.30 and July was 48 cents higher at $87.40.