The corn markets couldn’t sustain early Wednesday gains. The late start to spring plantings is translating into a late start to the Corn Belt harvest, which in turn has seemingly supported nearby corn prices. And while strength spilling over from the soybean pit has also offered support, the onset of the southern Corn Belt harvest appeared to undercut prices as lunchtime neared. December corn had declined 1.25 cent to $4.5275/bushel by late Wednesday morning, and May lost 1.25 cent to $4.735.
Soybeans rebounded from Tuesday losses in mid-morning action. Talk of improved rainfall and a modest increase in harvest prospects has been weighing upon the soy complex lately. However, traders were greeted with news of a big U.S. soybean sale to China and another sizeable sale to an unknown buyer this morning. That powered a general advance. November soybeans gained 1.0 cent to $13.435/bushel around midsession Wednesday, while October soyoil bounced 0.08 cents to 42.08 cents/pound, but October soymeal sagged $2.1 to $426.7/ton.
Wheat futures apparently rose in concert with soybeans Wednesday morning. The reasons behind the wheat strength weren’t obvious, but ideas that corn prices might not decline as much as anticipated this fall is probably reducing spillover pressure upon feed wheat values. Bulls may also be expecting support from firm soybean values. December CBOT wheat rallied 1.25 cents to $6.4425/bushel just before lunchtime Wednesday, while December KCBT wheat lifted 2.5 cents to $6.9275, and December MGE futures edged up 2.5 cents to $7.02.
Cattle futures were mixed Wednesday morning. Although cattle and beef values traditionally tend to rally during late summer and fall, but recent beef slippage has short-circuited rally attempts. Meanwhile, talk of reduced August feedlot placements seemed to boost deferred futures. October cattle futures slipped 0.02 cents to 125.15 cents/pound as the lunch hour loomed Wednesday morning, while December skidded 0.02 to 128.62. Meanwhile, October feeder cattle were steady at 157.87 cents/pound, and January inched .05 cents higher to 158.55.
Hog futures remained weak in early Wednesday trading. Hog and pork prices had recently disappointed CME hog traders, thereby undercutting futures Tuesday. The Chicago slide has continued, with bears likely focusing upon reports of flat country hog prices. Ultimately, traders may be expecting a seasonal cash market peak in the days ahead, which would be followed by a sharp autumn decline. October hog futures dropped 0.62 cents to 90.35 cents/pound late Wednesday morning, while December slid 0.32 cents to 87.20.