Corn futures closed solidly higher on Wednesday. Firm cash markets, weakness in the dollar and firm crude oil prices were supportive factors. Further gains were limited by the favorable planting weather this week and forecasts for mostly favorable planting conditions over the next 6-10 days May ended 5 1/2 cents higher at $3.58 and July was 5 1/4 cents higher at $3.68 1/2.
Soybean futures ended slightly higher on Wednesday. Futures were supported by firm cash markets, solid export demand and slow farmer selling. But gains were limited by the March NOPA crush report which was 149.6 million bushels versus pre-report trade expectations of 151.3 million bushels. May ended 1 cent higher at $9.69 and July was 1 1/2 cents higher at $9.77.
Wheat futures trade lower on Wednesday. Profit-taking following the recent short-covering bounce weighed on the market. Wheat fundamentals remain bearish as stocks are abundant in the U.S. and globally. In addition, winter wheat crop prospects are strong with 65% of the crop currently rated good to excellent. CBOT May ended 1 1/4 cents lower at $4.74 3/4, KCBT May was 2 1/4 cents lower at $4.90 1/2 and MGE May fell 1 1/4 cents to $5.06 1/2.
Cattle futures closed lower on Wednesday. Steady to lower cash market trade earlier this week led to ideas that the cash market has topped. Cash trade developed at $99-$100 in the southern Plains yesterday, steady to down $1 from last week. Concern that high beef prices may hurt demand is a bearish factor. Choice cutouts were down 28 cents at midday. April ended $1.20 lower at $97.13 and June was 53 cents lower at $92.95.
Lean hog futures were mixed on Wednesday. Profit-taking weighed on most contracts today after several contracts hit new highs in overnight Globex trade. April was supported by the firm cash market and the $1.43 jump in pork cutouts on Tuesday. April closed 68 cents higher at $77.43 while June was 53 cents lower at $84.95.