Soybeans and hogs outdid the other ag markets Wednesday

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Corn futures ended Wednesday mostly higher. Despite favorable planting and growing weather over the Midwest, and the resulting improvement in harvest prospects, corn futures ended Wednesday on a firm note. That probably stemmed from spillover support from the bean market, as well as short-covering in the wake of recent losses. July corn closed up 1.0 cent to $4.745/bushel Wednesday, while December skidded 0.25 cent to $4.7175.

Cash firmness and Chinese news powered Wednesday’s soy rebound. Soybean and product futures posted surprising losses Tuesday afternoon, but those were quickly reversed today. Talk of country bean and meal price firmness and technical support probably sparked overnight gains. Those apparently expanded in response to news of strong Chinese buying last month. July soybeans leapt 35.5 cents to $15.0525/bushel to end Wednesday’s pit session, while July soyoil climbed 0.40 cents to 40.47 cents/pound, and July soymeal surged $11.4 to $498.1/ton.

The wheat markets moved mostly lower today. Talk of improving moisture conditions in the Winter Wheat Belt reportedly weighed on CBOT and KCBT wheat futures today. Minneapolis prices held up somewhat better, possibly due to ideas that rainfall will further slow planting of the northern Plains spring wheat crop. The bearish global situation tended to undercut bullish positions as well. July CBOT wheat futures sank 6.25 cents to $6.6425/bushel in late Wednesday trading, and July KCBT wheat futures fell 6.75 cents to $7.615, whereas July MWE futures inched up 0.5 cent to $7.3875.

Cattle futures closed lower after fluctuating widely. Beef cutout values have surged this week, thereby encouraging CME bulls. However, bears believe seasonally increasing supplies will depress the whole complex; their selling carried nearby futures lower at Wednesday’s settlement. June cattle sagged 0.47 cents to 138.27 cents/pound at their Wednesday close, while December crept up 0.05 to 145.90. Meanwhile, August feeder cattle advanced 0.60 to 196.52 cents/pound, and October gained 0.32 cents to 197.42.

Bullish sentiment carried CME hogs sharply higher. After proving mixed lately, the cash hog and wholesale pork markets surged Tuesday, which in turn sparked strong CME gains Tuesday night and Wednesday. Bulls expect big seasonal gains through much of summer, as indicated by the premiums built into July and August futures despite midday cash and pork weakness. June hog futures jumped 1.32 cents to 119.92 cents/pound in late Wednesday trading, while December rallied 0.50 cents to 95.30.

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