Corn futures turned lower again Wednesday. After opening higher, gains quickly eroded. It appears that end of the month and quarter long liquidation is weighing on futures despite some threatening weather forecasts and positioning ahead of the Prospective Plantings report. May closed 4 cents lower at $3.88 1/2 while new-crop December fell 3/4 of a cent to settle at $4.00 3/4.



Soybean futures ended strongly higher on Wednesday. The surge to new contract highs in soybean oil provided spillover support. Fund buying and short-covering ahead of the USDA Prospective Plantings report due out Friday helped extend gains. May ended 13 3/4 cents higher at $7.70 3/4 and November closed 13 1/2 cents higher at $8.13 1/4.



Wheat futures closed steady to mostly higher on Wednesday. The market staged a late rally to finish mostly higher after trading lower most of the day. Strongly higher soybean futures contributed to the late recovery in wheat. Anticipation of lower spring wheat acreage in the Prospective Plantings report due out Friday contributed to short covering. CBOT May was up 2 1/2 cents to close at $4.56 1/2. KCBT May was 1/4 cent higher at $4.70 1/2 while MGE May gained 3 1/4 cents to close at $4.99.



Cattle futures were mixed on the close Wednesday. Follow through technical selling pressure kept cattle futures on the defensive most of the day. The June contract led a modest recovery this afternoon to turn futures mixed at the close. Reports that cash cattle had traded a dollar lower Tuesday and continued weakness in boxed beef cutout values weighed on the market. April fell 65 points to close at $96.17. June was 7 points higher at $93.42. April feeder cattle climbed 67 points to close at $105.90.



Lean hog futures closed narrowly mixed on Wednesday. Declines were fueled by weaker cash prices and falling corn prices. These effects were offset by position evening ahead of Friday's quarterly inventory report and some profit taking. April ended 3 cents higher at $63.40 and June was 13 cents higher at $73.90.