Corn futures closed lower on Wednesday. Profit-taking weighed on the market after the rally of nearly $1 since December 5. The recent trend in the soybean to corn ratio was reversed today following the recent strength in corn relative to soybeans. Acreage for next spring is already becoming a market mover. Weakness in the dollar was an underlying supportive factor. March ended 4 1/2 cents lower at $3.89 1/2 and July was 5 1/4 cents lower at $4.11.



Soybean futures ended higher on Wednesday. The market was choppy and at times weighed on by profit-taking, but futures were able to post a higher close. The sharp drop in the dollar index and dry weather in Argentina were supportive factors. Forecasts call for generally hot and dry weather in Argentina for the next several days. January closed 5 1/2 cents higher at $8.64 and March was 6 cents higher at $8.69.



Wheat futures posted solid gains on Wednesday. The market rallied on the sharp drop in the dollar index, which hit the lowest level in 13 1/2 months. The recent uptick in demand may be partially attributed to the weaker dollar. Cold weather in the Plains is also supportive as some wheat may be damage here snowcover is light. CBOT March ended 13 1/2 cents higher at $5.57 1/2, KCBT March was 13 3/4 cents higher at $5.78 3/4 and MGE March closed 14 3/4 cents higher at $6.22.



Cattle futures closed higher on Wednesday. The rebound in the stock market during the session and weakness in the dollar helped push futures higher. However, gains were limited by profit-taking on recent gains and boxed beef prices turning mixed. Choice cutouts were down 13 cents at midday after recently posting solid gains. February ended 8 cents higher at $86.88 and April was 30 cents higher at $89.45.



Lean hog futures settled higher on Wednesday. Short-covering and concern about more wintery weather next week supported prices. Weakness in the dollar and better than expected October pork export were also supportive factors. Front end gains were limited by the sharp drop in pork cutouts yesterday and weakness in the cash market. February was 18 cents higher at $62.63 and April was 55 cents higher at $69.48.