Corn futures closed higher on Wednesday. Futures recovered from early losses and a strong close propelled futures to double digit gains. Renewed strength in crude oil helped boost corn. Corn futures also garnered strength from higher soybean values. Weather stress in Argentina is supportive. March closed 10 3/4 cents higher at $4.07 and July was 11 1/4 cents higher at $4.28.



Soybean futures settled higher Wednesday. The rally in crude oil helped carry soybean prices higher. Also supportive is a bullish outlook for next year as supplies look to tighten. The South American crop is being threatened by dry and hot conditions. China continues to buy up U.S. beans, blazing through the export forecast. January was 26 1/2 cents higher at $9.72 1/4 and March was 27 cents higher at $9.80.



Wheat futures closed mostly higher after a rally into the close. Nearby contracts were up, while far deferreds were down. Support came amid talk that this year's world crop will not be as large as expected. Gains were limited by strength in the dollar and reports that Iraq bought 500,000 tonnes of wheat from the Black Sea and Canada. CBOT March was 6 cents higher at $6.10 3/4, KCBT March was 8 1/4 cents higher at $6.30 and MGE March was 3/4 of a cent lower at $6.54 3/4.



Cattle futures closed mixed. Cash trade is not expected to develop until Friday, but mixed beef trade this week and uncertainty over demand held cattle futures in check. Beef prices were mixed at midday. Mexico has now reinstated most of U.S. meat processing plants for export to Mexico. The news helped underpin the market. February closed 15 cents higher at $86.05 while April was 30 cents lower at $89.10.



Lean hog futures closed higher Wednesday. The market rallied on short-covering ahead of the month, quarter and year-end. Cash trade picked up and was mixed, an improvement over the recent downtrend. The quarterly Hogs and Pigs report was mostly bearish, showing little change in the near term and a larger than expected breeding herd. February was $1.15 higher at $60.88 and April was 63 cents higher at $68.70.