Corn futures ended mixed on Wednesday. News that China has purchased more U.S. corn provided support to front end contracts. China bought six cargoes totaling about 300,000 tonnes. However, deferreds turned lower on strength in the dollar, the strong pace of corn planting and rainfall in the Corn Belt that should benefit the emerging crop. July closed 2 cents higher at $3.71 3/4 while December was 1/2 of a cent lower at $3.92 1/2.
Soybean futures were narrowly mixed on Wednesday. Front end contracts were mostly lower on corn/soy spread trade, strength in the dollar and weakness in crude oil. USDA’s forecast for rising ending stocks in the 2010/11 crop year and the record crops in South America also limited buying interest. July ended 1/2 of a cent lower at $9.65 1/2 and November was unchanged at $9.37 1/2.
Wheat futures settled lower on Wednesday. Strength in the dollar and bearish fundamentals pushed prices lower today. The market was initially supported by strength in corn, but wheat turned lower as corn prices eased as well. USDA’s larger than expected ending stocks estimate in the Supply/Demand report was an underlying bearish factor. CBOT July closed 1 3/4 cents lower at $4.91 1/2, KCBT July ended 2 1/2 cents lower at $5.07 and MGE July fell 3 1/4 cents to $5.30.
Cattle futures traded lower on Wednesday. Profit-taking weighed on futures when cash trade developed in the southern Plains at $100 compared to expectations of $101-$102. Boxed beef prices were higher again at midday, but there is concern that prices will decline once wholesale orders for Memorial weekend are completed. June ended $1.10 lower at $95.70 and August was 68 cents lower at $94.70.
Lean hog futures closed higher on Wednesday. The market was supported by strength in pork cutout values of 86 cents. Ideas that hog numbers will tighten this summer was an underlying supportive factor. Cash markets were mixed today. June was 33 cents higher at $85.65 and June ended 60 cents higher at $86.08.