Corn
futures closed solidly higher on Wednesday. The market was able to bounce back
from the losses on Tuesday with help from a recovery rally in crude oil prices
and the stock market. News that China may issue new corn import quotas helped
extend gains. But further gains were held back by favorable weather for the
tail end of planting and early season crop growth. July ended 7 1/4 cents higher
at $3.71 1/2 and December was 8 cents higher at $3.90 3/4.

 

Soybean
futures were higher on Wednesday. Short-covering from recent losses and
technically oversold technicals supported the market. The firm cash market and
strength in crude oil futures and the stock market were supportive factors. But
further gains were limited by more favorable weather this week for soybean
planting and early season crop growth. July closed 7 1/2 cents higher at $9.38
and November was 7 cents higher at $9.10.

 

Wheat
futures settled higher on Wednesday. Short-covering, a rebound in the stock market
and spillover strength from corn helped push prices higher. However, gains were
limited by strength in the dollar and bearish fundamentals. Winter and spring
wheat crop condition ratings are well above average. CBOT July closed 1 1/4 cents
higher at $4.61 3/4, KCBT July was 4 cents higher at $4.88 3/4 and MGE July
ended 5 1/2 cents higher at $5.08 3/4.

 

Cattle
futures closed solidly higher on Wednesday. The market was able to rebound from
three-month lows set on Tuesday and from technically oversold levels. A
recovery rally in the stock market was a supportive factor. Futures are at a
discount to cash despite cash trade developing already this week at $93-$94 in
Kansas, down $2-$4 from last week. June ended 78 cents higher at $90.80 and
August was 85 cents higher at $89.93.

 

Lean
hog futures were higher on Wednesday. A rebound in financial markets and the
discount of futures to cash led to the short-covering today. The stock market recovered
some of its recent losses today. But gains were limited by the weak tone in the
cash market and ideas that pork cutouts have topped. June closed 50 cents
higher at $81.65 and August was $1.20 higher at $83.23.