Corn futures prices closed higher on Wednesday. Gains were attributed to light fund buying ahead of USDA's reports due out Thursday morning. Rain is still forecast for Argentina, but it will be to late for some of the corn crop. March settled 1 1/4 cents higher at $2.14 1/2. May ended 1 1/2 cents higher at $2.24.



Soybean futures closed lower on Wednesday. Speculative selling weighed on futures ahead of the USDA reports due out tomorrow morning. Traders are looking for bearish revisions with ending stocks expected to grow to 453 million bushels compared to 405 million in December. March fell 4 1/2 cents to $5.84 1/2 and May was 5 1/4 cents lower at $5.93 3/4.



Wheat futures settled higher on Wednesday. Buyers took advantage of the recent sell-off to return to the long side of market. Reports released from Oklahoma and Texas this week showed major declines in winter wheat condition ratings since late November. CBOT Mar was up 1 1/4 cents at $3.30 1/2. KCBT Mar gained 3 cents to close at $3.73 1/2 and MGE Mar was 3 3/4 cents higher at $3.86 1/2.



Live cattle futures were sharply lower on Wednesday. Speculative long liquidation began slowly but selling pressure snowballed into a massive technical break. A steep break in hog futures contributed to the negative sentiment. February fell 232 points to close at $94.22. April closed 237 points lower at $93.10.



Lean hog futures closed sharply lower again on Wednesday. Another drop in the cutout and further erosion in cash bids contributed to the sell-off. Traders were bailing out of long-held long positions. February closed the limit 200 points lower at $60.68 and April was limit down at $64.80.