Corn futures closed lower on Wednesday. The market traded higher most of the session and tested chart resistance. But there was little follow-through and prices fell late in the day. There is little news in the market with acreage and new-crop prospects off in the future. March settled 3/4 cent lower at $4.04 while new-crop December was 3 cents lower at $3.94 3/4.



Soybean futures closed lower on Wednesday. The market was higher early in the session on speculative buying and spillover strength from corn and wheat. However, as corn turned lower soybeans followed along. Strong crop conditions in South America and favorable weather forecasts remain bearish factors. March ended 1 1/2 cents lower at $7.19 1/2 and November was 2 1/2 cents lower at $7.71.



Wheat futures settled higher on Wednesday. Solid gains were posted today on follow through technical buying after yesterday's positive chart action. Recent improvement in export demand and forecasts for a blast of Arctic air in the Plains and Midwest this weekend provided fundamental support. CBOT Mar gained 8 cents to close at $4.67 1/2. KCBT Mar was 7 1/2 cents higher at $4.88 3/4 while MGE Mar was up 5 3/4 cents at $4.95 1/4.



Cattle futures closed higher on Wednesday. After opening lower, futures found support from ideas that boxed beef cutouts values are nearing a bottom. Reports of improving packer interest contributed to gains. Forecasts for much colder weather this weekend and another round of snow also provided support. February climbed 30 points to close at $90.22. The April contract was 55 points higher at $93.17. March feeder cattle were up 100 points at $95.85.



Lean hog futures ended higher on Wednesday with the May-October contracts hitting new highs. Short-covering along with commercial and fund buying were supportive. Cash markets were mixed today. February ended 95 cents higher at $64.53 and June was 95 cents higher at $77.35.