Corn futures ended higher on Wednesday. The market was able to bounce from the sharp decline yesterday. The bounce in Chinese stocks overnight and the U.S. stock market today provided stability to the grain markets. Gains were also fueled by NOAA forecasts for the rapid demise of El Nino and that La Nina may soon arrive. May futures closed 11 1/4 cents higher at $4.35 1/2 while new-crop December was up 10 1/2 cents at $4.20.



Soybean futures posted solid gains on Wednesday. The market rebounded from yesterday's sell-off. Strength in corn and a bounce in the Chinese and U.S. stock markets helped rally the market. Also, the market remains concerned about forecasts for a La Nina weather event, which typically mean a drier pattern for the Midwest. May ended 8 3/4 cents higher at $7.87 1/2 and November closed 7 3/4 cents higher at $8.24 1/4.



Wheat futures settled higher on Wednesday. Solid gains were posted today led by strongly higher corn futures and a late surge in the March KCBT contract. The KCBT Mar jumped 18 1/2 cents amid light deliveries against that contract along with solid nearby demand and slow cash wheat movement. CBOT May was up 4 1/2 cents at $4.88. KCBT May was 8 3/4 cents higher at $5.15 1/2 while MGE May climbed 4 cents to close at $5.20.



Cattle futures settled lower on Wednesday. The market slipped to a lower close after a quiet two-sided trading session. Lingering anxiety about Tuesday's steep stock market break prompted late speculative long liquidation. However, fundamentals look positive with increasing beef exports and declining beef production. April closed 40 points lower at $97.05 and June was down 20 points at $95.50. March feeder cattle fell 15 points to close at $101.60.



Lean hog futures closed higher on Wednesday. Fund buying was supportive today as the July and August contracts hit new highs. Cash markets were mostly steady today, but another shot of wintery weather in the upper Midwest could limit marketings tomorrow. Rising corn prices today were also supportive to deferreds. April ended 33 cents higher at $67.75 and June was 60 cents higher at $78.05.