U.S. lean hog futures closed lower as cash prices weakened and commodities fell broadly. April lean hogs closed down 102 to 83.77 while June lean hogs dropped 155 to 92.17.
U.S. live cattle futures fell Wednesday as wholesale beef prices continued to slide and initial cash markets trading came in lower than a week ago. April Live cattle ended down 115 at $124, April feeder cattle closed near flat at $153.
Wheat futures ended lower, backpedaling in unison with corn, with favorable crop conditions for U.S. winter wheat crops adding to the lower theme. May wheat in Chicago ended down 9 at $6.30, May wheat in KC dropped 9 to $6.70
U.S. corn futures slumped to a two-month low Wednesday, pressured by investors reducing risk exposure in the market ahead of Friday's key planting and stocks reports from government forecasters. May corn futures closed down 7 1/2 at $6.23.
Soybean futures finished lower, succumbing to profit taking pressure. May soybeans closed down 2 1/4 to $13.67, May bean meal gained 170 to close at $377.70, and May bean oil fell 50 to 54.60.
ICE cotton futures bucked yesterday's broad commodity weakness, posting gains ahead of Friday's USDA report on cotton farmers' planting intentions. May cotton gained 144 to 94.03, the July contract gained 92 to close at 93.93.
Gold futures slumped on Wednesday on signs of weak physical demand for the metal and selling by traders who bet the market was due for a pullback a day after failing to top $1,700 a troy ounce. April gold fell $27 to $1,657.90, and May silver closed at $31.83, down 78.5 cents
Crude-oil futures fell Wednesday, hit by a surprise build in U.S. oil inventories and the renewed potential for a strategic oil reserve release.
May crude fell $1.92 to $105.41 a barrel, April gasoline dropped 1.01 cents to $3.39 a gallon and April distillates also fell 1.07 cents to $3.20 a gallon.
Natural-gas futures were weaker for a third day Wednesday as the April contract expired at a fresh 10-year low amid a growing supply glut. April nat gas fell 1.7 cents, at $2.19.
The markets dipped on Wednesday after a key manufacturing report missed Wall Street's expectations and oil prices shed close to 2%. However, stocks recovered from the lows of the session, helped by rising financial shares. The Dow fell 71 to close at 13,126, the Nasdaq closed at 3,104, down 15, and the S&P 500 lost almost 7 to close at 1,405.