Wheat proved an exception to general ag market strength Wednesday

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Corn futures remained strong Wednesday. Despite Tuesday night news that Chinese officials had rejected five recent shipments of U.S. corn contaminated with an unapproved GMO strain, corn futures continued rising today. The midmorning report of record Canadian wheat and canola production seemed to undercut the wheat and soy markets, but seemingly did little to discourage corn market bulls. The rise seemed mostly technical in nature. March corn rose 5.25 cents to $4.365/bushel in late Wednesday trading, while May added 5.0 to $4.445.

Soybeans seemed to struggle in overcoming Canadian canola news. The soy complex reportedly rallied in response to vigorous technical buying early Wednesday morning, but seemingly set back around midmorning in response to the morning release of Canadian crop production data; that stated that country’s record canola crop above prior estimates. And yet, soy prices ended the day significantly higher. January soybean futures climbed 9.75 cents to $13.295/bushel late Wednesday afternoon, while January soyoil climbed 0.24 cents to 40.35 cents/pound, and January soymeal gained $1.5 to $430.3/ton.

Canadian news undercut the wheat markets. Wheat futures traded firmly Tuesday night, but the latest Canadian production figure sent prices lower. Stats-Canada stated their 2013 wheat crop at 37.53 million tonnes, which easily topped forecasts averaging 33.8 million. March CBOT wheat futures fell 6.5 cents to $6.4725/bushel at Wednesday’s close, while March KCBT wheat futures tumbled 7.25 cents to $7.0425, and March MWE futures dove 11.0 to $6.935.

Cattle futures are traded firmly at midweek. The threat of wintry Great Plains weather to the performance of feedlot animals in that region very likely supported the CME market Wednesday. If cattle fare poorly in those conditions, market-ready supplies could quickly dwindle and send prices sharply higher. Conversely, weak beef prices seemed to limit bullish moves in Chicago. February cattle futures advanced 0.32 cents to 134.42 cents/pound Wednesday afternoon, while the April contract edged up 0.10 to 134.95. Meanwhile, January feeder cattle ran up 0.20 cents to 165.50 cents/pound, and March feeders rose 0.10 to 165.35.

Deferred hog futures outperformed the nearby contracts. The weekly report on Iowa-Southern Minnesota hogs showed weights rose only slightly last week, thereby suggesting recent concerns about excessive supplies were overdone. That may explain why the expiring December contract continued Tuesday’s slide, whereas deferred futures moved generally higher. February hog futures edged up 0.02 cents to 89.00 cents/pound Wednesday afternoon, while June gained 0.40 to 99.87.

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