Most ag markets turned downward Wednesday morning

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Corn futures firmed above support Wednesday morning. The corn market pushed above chart support last week, but reacted weakly to bullish USDA news Monday. Thus, the subsequent slide has not been terribly surprising. After testing buying around short-term moving averages in early trading, nearby futures were mixed later in the morning. March corn rose 0.25 cents to $4.4175/bushel late Wednesday morning, while May was flat at $4.4725.

Chinese cancellations undercut beans and meal. The soy complex came under fresh pressure Wednesday morning after the USDA announced that Chinese buyers had cancelled orders for 272,000 tonnes of beans this year. They also announced large sales, but those are slated for next year. Soyoil futures diverged from the bean/meal losses, with Asian palm strength likely providing the upward impetus. March soybeans sank 8.75 cents to $13.26/bushel around midsession Wednesday, while March soyoil climbed 0.27 cents to 39.12 cents/pound, and March soymeal tumbled $5.6 to $443.6/ton.

Wheat futures turned mixed just before lunchtime Wednesday. After exhibiting varying degrees of strength Tuesday, the wheat markets were trading in mixed fashion later in the morning. Weather and transport concerns are supporting Kansas City and Minneapolis prices, respectively, while the Chicago market is apparently reflecting bullish demand ideas. March CBOT wheat futures slipped 0.75 cent to $5.895/bushel just before midday Wednesday, while March KCBT wheat futures dipped 0.5 cent to $6.65, and March MWE futures skidded 1.5 to $6.5975.

Cattle futures lost their upward momentum this morning. CME cattle futures surged in response to increased packer bids for Southern Plains animals Tuesday. Prices rose farther overnight, but proved unable to sustain the advance. That may have reflected persistent wholesale losses, since those could curtail packer demand for fed cattle. April cattle futures dropped 0.17 cents to 141.00 cents/pound in late Wednesday morning trade, while August sagged 0.35 cents to 130.67. Meanwhile, March feeder cattle slipped 0.20 cents to 168.57 cents/pound, and May stumbled 0.25 lower to 170.10.

Hog futures backed away from early gains. CME hog prices bounced moderately overnight, which may have reflected spillover support from the cattle market. However, futures turned decidedly lower by late Wednesday morning, possibly in reaction to the cattle reversal and to the sizeable premiums already built into the nearby contracts. April hogs fell 0.37 cents to 93.80 cents/pound as the lunch hour loomed Wednesday, while June dove 0.70 to 103.97.

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