Corn futures were higher on Wednesday. Support came from firm cash bids and end of the month and quarter buying. Traders were also evening positions ahead of the USDA reports due out on Friday. May futures closed 2 cent higher at $2.24 1/4. December settled 2 1/4 cents higher at $2.56 3/4.



Soybean futures settled slightly higher on Wednesday in limited volume. Traders are marking time ahead of the USDA reports due out on Friday. Recent action has been choppy as funds buy the dips while bearish fundamentals put a cap on any gains. May closed 1 cent higher at $5.82 1/2 and November was 1/4 of a cent higher at $6.10 1/4.



Wheat futures closed higher on Wednesday. Fundamental support came from the USDA reporting the sale of 100,000 tonnes of hard red winter wheat to Iraq and ideas that moisture amounts in the Plains from the current weather system will fall short of earlier forecasts. CBOT May was up 1/2 cent at $3.41 3/4. KCBT May was 4 3/4 cents higher close at $4.06 1/2 and MGE May gained 2 3/4 cents to close at $3.95 3/4.



Cattle futures ended lower on Wednesday, falling to another round of new contract lows. Futures tried to bounce this morning but once again failed to uncover any buying support. Lower boxed beef cutout values this morning renewed the downward pressure on futures. April cattle were down 85 points at $80.62. June fell 65 points to close at $74.74. April feeder cattle were 87 points lower at $103.20.



Lean hog futures struggled to a mixed close after being higher for most of the session. Prices rose early in the session due primarily to short covering. But as the day wore on the bearish fundamentals and weakness in cash markets weighed on futures prices. April closed 5 cents higher at $57.50 and June hogs closed down 10 cents at $66.15.