Corn futures closed higher on Wednesday. The market was choppy today, but turned higher into the close on spillover support from soybeans and the rally in crude oil. USDA's September 1 quarterly stocks number released this morning was slightly supportive at 1.674 billion bushels, 45 million bushels below trade expectations. Ideas of a big crop limited gains despite some frost concern in Wisconsin last night and the threat of some frost in the upper Midwest tonight. December ended 3 cents higher at $3.44 and March was 2 3/4 cents higher at $3.56 3/4.



Soybean futures were solidly higher on Wednesday. Futures were able to rebound from early weakness that was driven by the Quarterly Stocks report. USDA pegged September 1 stocks at 138 million bushels, up 27 million from trade expectations. But outside market strength and continued strong demand for soybeans helped prices rally. Outside markets were also support as crude oil futures were up sharply and the dollar index was lower. November closed 10 cents higher at $9.27 and January ended 11 cents higher at $9.33 1/2.



Wheat futures rebound on Wednesday to post solid gains. The market fell to new contract lows this morning following the bearish USDA reports, but rallied late in the day led by gains in crude oil and weakness in the dollar. USDA reported September 1 wheat stocks at 2.215 billion bushels, beating the average trade estimate by about 85 million bushels. For wheat production in the Small Grains Summary, USDA pegged the crop at 2.220 billion bushels, which was about 25 million above trade expectations. CBOT Dec ended 10 cents higher at $4.57 1/2, KCBT Dec was 8 cents higher at $4.76 1/2 and MGE Dec closed 8 1/2 cents higher at $4.91 3/4.



Cattle futures traded mostly higher on Wednesday except for a small decline in the nearby October contract. End-of-month and quarter position evening led to the short-covering rally. Futures were lower much of the day on weakness in boxed beef prices and the stock market. Choice beef prices at midday were down $1.26. October closed 5 cents lower at $85.60 while December ended 53 cents higher at $86.13.



Lean hog futures closed lower on Wednesday. The $1.41 drop in pork cutouts on Tuesday and the weak tone in the cash market today pushed futures lower. Hog supplies remain adequate and hog weights are high at a time when hog numbers are increasing seasonally. October ended 20 cents lower at $50.08 and December closed 58 cents lower at $49.60.