Corn futures ended higher on Wednesday after a choppy trading session. Strong demand and positioning ahead of the USDA reports due out Friday morning helped the market recover e from recent fund selling. The market had fallen to near technically oversold levels. March ended 5 3/4 cents higher at $3.60 1/4 and December was 2 cents higher at $3.60.

Soybean futures closed narrowly mixed on Wednesday. The rally in corn and positioning ahead of the USDA reports helped the market recover from losses posted earlier in the session. Large soybean stocks and favorable crop conditions in South America limited buying interest. March ended 1/4 of a cent higher at $6.64 3/4 and November was 1 1/2 cents lower at $4.76 1/4.

Wheat futures ended mostly lower on Wednesday. The market recovered from mid-morning lows to end mostly higher. Speculative long liquidation continues to weigh on the market but the recent steep decline has dropped futures deeply into oversold territory. CBOT Mar was 3 1/2 cents lower at $4.49 1/2. KCBT Mar was 3/4 of a cent higher at $4.72 3/4 while MGE Mar closed 3 1/4 cents lower at $4.70 1/4.

Cattle futures closed higher on Wednesday with February hitting a new contract high. Rising boxed beef values and forecasts for another winter storm in Plains led the market higher. Cutout values have surged about $8 since early January. February gained 165 points to close at $93.95. April was 100 points higher at $94.77. January feeder cattle fell 2 points to close at $98.17.

Lean hog futures rebounded on Wednesday as nervous traders baled out of short positions as the market had become oversold. There was not much change in the fundamental situation and cash hog prices continued to be mostly weak. February gained 80 cents and closed at $60.55. June hogs were 55 cents higher at $72.35.