Corn futures ended higher on Wednesday. The market was supported by strength in soybeans and wheat. Higher crude oil futures and the stock market along with weakness in the dollar index also helped support prices. Some rain is forecast for Argentina, but most of the corn crop is too far along to benefit much. March closed 7 cents higher at $3.84 1/2 and May ended 7 cents higher at $3.95 1/2.



Soybean futures closed higher on Wednesday after a mixed trading session. Technical buying and updated forecasts that took some of the rain out of the forecast for Argentina provided support. Traders will be watching the weekly export sales and the December Census Bureau crush reports on Thursday morning. March ended 6 1/2 cents higher at $9.82 1/2 and May was 6 1/4 cents higher at $9.90.



Wheat futures were solidly higher on Wednesday. Short-covering helped push prices higher amid support from outside commodity markets. Crude oil futures and the stock market were higher while the dollar index was lower. Dry condition in the southern Plains remains an underlying bullish factor. CBOT March ended 10 1/2 cents higher at $5.95 1/4, KCBT March was 11 cents higher at $6.26 and MGE March was 10 3/4 cents higher at $6.73 1/4.

Cattle futures closed narrowly mixed on Wednesday. Short-covering helped the market stabilize following the decline yesterday to near two-month and contract lows. Strength in the stock market was supportive, although gains continue to be limited by concern about the economy. Buying interest was also slowed by weakness in the cash market and declining beef prices. February ended 10 cents lower at $81.18 and April was 3 cents higher at $84.43.



Lean hog futures were strongly higher on Wednesday. The market was supported by short-covering following recent weakness that had pushed futures to new contract lows and to technically oversold levels. The futures market rallied despite further weakness in the cash market as packer margins remain poor. February closed 98 cents higher $58.73 and April ended 65 cents higher at $61.35.