Corn futures benefited from outside influences. The 2015 corn crop is getting off to an outstanding start, thereby boding rather ill for new-crop prices. However, CBOT futures rallied in apparent response to low crop tour results on likely wheat yields, strong ethanol data on the weekly EIA report and a concurrent dive by the U.S. dollar. July corn futures ended Wednesday having gained 4.0 cents to $3.6675/bushel, while December added 3.5 to $3.825.   
The soy complex turned lower Wednesday afternoon. The current situation still seems supportive of soybean and product values, but prices couldn’t sustain today’s early gains. The energy market reversal and easing concerns about South American labor problems apparently undercut beans and oil, with meal remaining under general pressure. July soybean futures slid 2.25 cents to $9.825/bushel as Wednesday CBOT pit session
ended, while July soyoil dipped 0.13 cents to 32.92 cents/pound, and July meal slipped $1.0 to $314.2/ton.   
Wheat markets reacted well to wheat tour results. The Wheat Quality Council’s annual wheat tour is underway this week, with the first day’s results pointing to very uneven growth and disappointing productive potential. Futures surged in response, with this morning’s U.S. dollar drop also encouraging bulls. Conversely, talk of better tour results today may have capped gains. July CBOT wheat futures jumped 12.75 cents to $4.7925/bushel in late Wednesday trading, while July KC wheat surged 13.25 cents to $5.035/bushel, and July MWE wheat climbed 14.0 to $5.3875.   
Cattle futures gave back Tuesday’s gains. Trader ideas that short-term beef buying might boost cattle prices apparently powered this week’s early rally, but late Tuesday news of declining beef cutouts ran counter to that narrative. Today’s CME reversal wasn’t terribly surprising when seen in that light. June live cattle futures sank 1.22 cents to 150.22 at Wednesday’s CME close, while August cattle slumped 0.97 to 148.92.  Meanwhile, May feeder cattle futures fell 0.87 cents to 214.50 cents/pound, and August feeders dove 1.37 to 216.87.       

Rising spot prices continued powering the CME hog rally. Cash hog and wholesale pork values built upon recent strength again Wednesday morning, with seasonal demand strength and supply slippage pointing to more of the same. Although spring-summer futures premiums look quite large, the market still seems deeply depressed by historical standards. June hog futures closed 1.30 cents higher at 84.05 cents/pound Wednesday, while December rallied 0.72 to 70.20.    
Technical selling may have weighed on cotton futures. The cotton market again lacked for news Wednesday, so traders apparently looked to outside influences. Ongoing equity index declines seem to weigh on the New York market, whereas the tumble taken by the U.S. dollar appeared to have little effect. Having the most-active July contract drop below recently firm support associated with its 10-day moving average probably
exacerbated early selling. July cotton tumbled 0.89 cents to 65.86 at its ICE settlement Wednesday, while December futures dropped 0.72 to 65.77.