Corn futures were slightly higher on Wednesday. After rallying to new highs for the move on spillover support from soybeans and crude oil, gains in the corn pit were trimmed. Corn trade lost its bullish momentum on profit-taking and ideas that corn planting progress in the eastern half of the Corn Belt will be strong this week given the current stretch of dry weather. July ended 1/4 of a cent higher at $4.26 and December was 1/4 of a cent higher at $4.47 1/4.



Soybean futures slipped from its highs for the day, but still closed higher on Wednesday. Old-crop continues to rally on tight old-crop stock projections and strong export demand. New-crop led the way today on ideas that much of the corn crop in the eastern Corn Belt will be planted this week and next, which will limit the switch of acreage to soybeans. Strength in crude oil was supportive for soyoil and the soy complex as well. July closed 7 cents higher at $11.69 and November was 18 1/2 cents higher at $10.14 1/2.



Wheat futures settled higher on Wednesday. The market was supported by spillover from soybeans and ideas that early seasonal harvest pressure will be lighter than normal due to the drought in Texas and frost damage in Texas and Oklahoma. The market was also supported by spring wheat planting delays in the northern Plains that will trim yield potential and could push some acreage to other crops. CBOT July closed 9 cents higher at $5.97 3/4, KCBT July was 7 1/4 cents higher at $6.50 and MGE July ended 12 cents higher at $7.25 1/2.



Cattle futures closed mixed on Wednesday. Short-covering and expectations for firm cash trade later this week helped support front end contracts. At midday, choice cutouts were up 37 cents, hitting a two-week high.
But deferreds were mixed with some contracts pressured by ideas that high unemployment rates would limit demand for higher priced beef. June ended 55 cents higher at $82.23 while October was 13 cents lower at $88.50.



Lean hog futures closed higher on Wednesday. Short-covering and fund buying helped rally the futures market. Weakness in the dollar, which hit a 5-month low, is supportive as it should benefit pork exports. However, most of the fundamental news today was bearish as cash markets were down generally $1 today and pork cutouts were down $1.11 on Tuesday. June ended 23 cents higher at $66.48 and October was 68 cents higher at $63.95.