Corn futures were strongly higher on Wednesday. Futures managed to sustain a strong rally despite fairly heavy rain from eastern Nebraska, across Iowa into southern Minnesota. However, extended forecasts look warm and dry. It appears the market is building some premium back in ahead of USDA's August 11 Crop Production estimate. September closed 6 1/2 cents higher at $2.40 1/2. December settled 5 3/4 cents higher at $2.57 3/4.



Soybean futures settled higher on Wednesday. Technical buying and weather concerns supported prices. Despite some widespread rain across the dry western parts of the Midwest yesterday, the markets focused on the hot, dry forecast for early next week. September closed 8 cents higher at $5.87 1/4 and November was 7 1/2 cents higher at $6.01 1/4.



Wheat futures closed higher on Wednesday. Chicago led the way higher finding spillover support from strength in corn and soybeans amid renewed weather concerns. KCBT futures tested chart support early, but when that held technical buying pushed prices higher. CBOT Sep was 9 cents higher at $4.01 1/2, KCBT Sep gained 3 1/4 cents to close at $4.85 1/4. MGE Sep was up 4 1/2 cents at $4.73.



Cattle futures were lower on the close Wednesday. The market was pressured by concerns that the heat will slow beef demand. Earlier expectations for firm cash prices this week are giving way to ideas that packers will slow the slaughter pace rather than boost bids for cattle. August was 82 points lower at $82.92 while October was down 72 points at $87.57. August feeder cattle fell 125 points to close at $113.17.



Lean hog futures closed mostly higher on Wednesday, but the gains were modest. Cash hog prices were firm on Wednesday which helped to support futures prices and forecasts for hot weather was another factor. A solid $1.45 increase in the cutout value on Tuesday was also encouraging. August closed 78 cents higher at $69.38 and October gained 45 cents to close at $61.73.