Corn futures closed higher on Wednesday after trading both sides during the session. Uncertainty about the potential frost threat in the upper Midwest next week kept trade volatile today. Easing concerns about the frost weighed on futures this morning, but midday forecasts showed some frost in the northwestern Corn Belt, which helped rally futures again into the close. December was 4 1/2 cents higher at $3.30 1/4 and March ended 4 1/4 cents higher at $3.43 1/4.



Soybean futures were lower on Wednesday. Soybeans lost ground to corn today as spreads were adjusted after soybeans had gained on corn the past couple of months. Uncertainty about the possible frost in the upper Midwest next week limited losses, but futures were unable to hold onto gains as only limited damage is expected. November closed 1 1/2 cents lower at $9.20 1/2 and January was 1 1/4 cents lower at $9.25.



Wheat futures were mostly higher on Wednesday. Winter wheat markets were supported by short-covering as supportive fundamental news is hard to find. Ample world wheat supplies and sluggish export demand remain bearish factors for wheat. In addition, conditions remain favorable for winter wheat establishment in the southern Plains. CBOT Dec was 4 1/4 cents higher at $4.60, KCBT Dec closed 1 1/4 cents higher at $4.69 1/2 while MGE Dec ended 1 1/4 cents lower at $4.89 1/2.



Cattle futures were strongly higher on Wednesday. Short-covering from technically oversold levels pushed prices higher and gains were extended by buy-stops. However, the cash market is expected to only trade steady this week. Boxed beef prices were mixed on Tuesday and choice cutouts were down 42 cents at midday. October closed $1.18 higher at $86.45 and December was $1.40 higher at $49.65.



Lean hog futures posted solid gains on Wednesday. Short-covering and the discount of futures to the lean hog index supported the market. Futures were able to rally off of early weakness which was initiated by weakness in the cash market and pork cutouts and ideas that Friday's quarterly Hogs and Pigs report will show insufficient herd liquidation. October ended $1.18 higher at $86.45 and December was $1.40 higher at $85.75.