Corn futures were higher on Wednesday. Spillover strength from soybeans and crude oil helped rally prices today. Recent price action is viewed as consolidation trade ahead of Friday's monthly supply/demand report. May futures closed 2 1/2 cents higher at $4.24 1/2 while new-crop December was up 2 3/4 cents at $4.09 1/4.



Soybean futures were higher on Wednesday. Speculative buying was triggered by strength in crude oil and gold markets. The market was due for a technical bounce after dipping to new one-month lows earlier this week. May futures settled 9 1/2 cents higher at $7.57 1/4 and November ended 8 3/4 cents higher at $7.95 1/4.



Wheat futures ended a few cents higher on Wednesday. Crude oil turned strongly higher this morning and soybeans followed suit to provide positive leadership. Following the recent weakness in the commodity complex, the grains and oilseeds were due for a bounce. CBOT May was 5 cents higher at $4.78. KCBT May was up 1 1/4 cents at $5.02 1/2 while MGE May gained 5 cents to close at $5.13 1/4.



Cattle futures were higher on the close Wednesday. The market hit new contract highs today after posting a strong recovery from early weakness. Surging beef prices and reports of light cash trade at $95 was supportive. USDA reported a $4.47 jump in Choice boxed beef prices this morning. April climbed 95 points to close at $98.55 and June was 110 points higher at $96.82. March feeder cattle finished unchanged at $103.35.



Lean hog futures closed higher on Wednesday, fueled by short covering and rolling nearby contracts to later months. Cash prices were generally lower, but there is a feeling by futures traders that the downturn in cash prices will be short lived. Wholesale pork prices remain fairly strong. April ended 68 cents higher at $65.68 and June was 63 cents higher at $76.20.