Corn futures closed lower on Wednesday. The July contract fell to a two-month low on a late round of technical selling and spillover pressure from the weakness in wheat. Favorable weather for the crop this week and improved crop condition ratings last week were also bearish factors. USDA pegged the crop as 76% good to excellent, near the historic high for this date. July fell 5 1/2 cents lower at $3.48 1/2 and December was 5 1/2 cents lower at $3.69 3/4.
Soybean settled slightly higher in most contracts on Wednesday. Strength in crude oil and firm cash markets were supportive for soybeans. But gains were limited by spillover from the late sell-off in corn and wheat. Favorable weather for early season growth also helped limit gains on the day. July closed 1/2 cent higher at $9.32 1/2 and November ended 3/4 of a cent higher at $9.03 1/2.
Wheat futures ended solidly lower on Wednesday. Futures fell to new contract lows on technical selling and seasonal pressure from the beginning stages of winter wheat harvest. Strong winter and spring wheat crop condition ratings and strength in the dollar were also bearish factors. CBOT July closed 8 1/4 cents lower at $4.42 1/2, KCBT July ended 4 1/4 cents lower at $4.73 3/4 and MGE July was 3 3/4 cents lower at $4.97 1/4.
Cattle futures closed solidly higher on Wednesday. Reports of $94 cash trade in the southern Plains were supportive for front end futures as it was steady to up $1 from the previous week. Fund buying helped extend gains and push deferred months higher. Strength in the stock market was supportive as traders wait for news about Memorial weekend beef clearance for further direction. June ended $1.25 higher at $92.05 and August ended $1.13 higher at $90.75.
Lean hog futures settled lower on Wednesday. The weak tone in the cash market kept the futures market on the defensive. But front end losses were limited by ideas that favorable packer margins and tightening hog supplies will support cash trade later this week. The stock market was higher, which was supportive, but strength in the dollar was bearish for pork exports. June closed 8 cents lower at $81.33 and August ended 63 cents lower at $83.03.