Corn futures turned slightly lower on Wednesday. The market was higher most of the day on short-covering following recent declines and strong export demand. However, weakness in soybeans and wheat and favorable weather across most of Corn Belt pushed prices lower again. September closed 1/2 of a cent lower at $2.21 1/2 and December fell 1/2 cent to $2.38.



Soybean futures tried to rally on Wednesday, but failed based on good weather forecasts. Early support was tied to ideas that export business had picked up due to the lower prices. However, the generally favorable Midwest weather in August and forecasts for the next couple of weeks kept prices on the defensive. September ended 4 1/4 cents lower at $5.52 1/4 and November fell 4 1/4 cents to $5.65.



Wheat futures were mixed on the close Wednesday. Relative strength in Kansas City reflected ideas that the recent steep selloff had erased too much of the hard red winter wheat premium given the tight supply for that class. Chicago was relatively weak due in part to the poor cash basis for soft red winter wheat. CBOT Sep fell 5 1/4 cents to close at $3.71. KCBT Sep ended 2 1/2 cents higher at $4.52 1/4. MGE Sep was 2 1/2 cents lower at $4.50 3/4.



Cattle futures closed higher on Wednesday. The market opened lower but once chart support held, short-covering helped push higher. The cash market tone is expected to remain firm this week although prices may soften a bit from late August into early September. October contract gained 10 points to close at $91.80 while December was 52 points higher at $90.95. October feeder cattle were up 20 points to close at $116.82.



Lean hog futures closed higher on Wednesday. Some firm cash bids today and ideas of higher cash prices later this week supported futures. The market had been looking for declining cash prices this week as hog marketings picked up, but that does not currently appear to be the case. October closed $1.63 higher at $64.78 and December was 95 cents higher at $62.18.