Corn futures closed higher on Wednesday, led by the old-crop. Wet weather forecasts are leading to ideas of planting delays this spring, especially in the eastern Corn Belt where much of the ground is already saturated. May ended 4 1/2 cents higher at $4.09 3/4 and new-crop December was 1/4 of a cent higher at $4.09 1/2.



Soybean futures were higher on Wednesday. The futures market held onto small gains for the day, but closed on a weak note. The market was unable to push above technical resistance. With the record South American harvest gaining speed, it looks like soybean prices will struggle to climb significantly above current levels. May ended 1 1/2 cents higher at $7.66 1/4 and November was 3 cents higher at $8.11.



Wheat futures closed higher on Wednesday. The market recovered from early weakness to post gains on the close. Firming gulf basis levels for soft red winter wheat following a recent sale to Egypt and news that Morocco is tendering for SRW provided support. Strength in corn also helped pull prices higher. CBOT May was 2 3/4 cents higher at $4.65 1/2. KCBT May was 3 1/4 cents higher at $4.86 3/4 while MGE May was up 3 3/4 cents at $5.05 1/4.



Cattle futures ended mixed on Wednesday. The market staged a reversal from early lows to finish mixed to mostly higher. Ideas that cash prices will range from steady to $2 lower this week contributed to the early weakness. However, modestly higher choice beef cutout values provided support. April gained 12 points to close at $97.72. June was 2 points lower at $94.92. April feeder cattle fell 42 points to close at $105.12.



Lean hog futures closed lower on Wednesday pressured by fund liquidation and weaker than expected cash prices. The nearby contract remains well above the settlement index, discouraging speculators from buying. Chart patterns are decidedly negative. April ended 70 cents lower at $63.38 and June fell 80 cents to close at $73.55.