Corn futures were narrowly mixed on the close Wednesday. After a higher opening, the March futures contract ran into chart resistance near $3.76 and turned lower. Recent favorable weather in South America weighed on the market but the mid session setback attracted strong buying interest and futures finished nearly steady. March corn was 1/4 cent lower at $3.72 3/4 and December 2007 contract was down a 1/2 cent at $3.65.



Soybean futures were a few cents lower pressured by favorable rainfall in South America. Despite the lower close, futures are still comfortably above chart support at Monday's lows. A late rally in soybean oil helped limit losses. The January contract was 5 1/4 cents lower at $6.48 1/4 and November was down 4 3/4 cents at $7.07 1/2.



Wheat futures were higher on the close, recovering from mid morning lows to finish in the upper portion of the recent sideways trading range. Rain and snow in the dry hard red winter wheat region contributed to selling pressure but Kansas City March futures held above chart support near $5 to attract technical buying interest. CBOT March was 1 3/4 cents higher at $4.93 3/4, KCBT Mar was up 2 1/4 cents at $5.04 1/4 and MGE March was 2 cents higher, also closing at $5.04 1/4.



Cattle futures were higher on the close Wednesday finding support from the weather. A winter storm in the Plains is bringing rain, freezing rain and snow to the feedlot region. Heavy snow is developing in northeastern Colorado and western Nebraska. Gains were limited by ideas that the holidays will slow slaughter and boost showlists. December cattle were 75 points higher at $87.37 and February was up 27 points at $90.35.



Lean hog futures were mostly lower. A mix of winter precipitation moving from the Plains into the western Corn Belt provided early support. However, sellers stepped into February futures to take advantage of the premium over the cash market amid ideas that hog supplies will remain heavy through early 2007. February lean hogs were 27 points lower at $62.45 and June was 37 cents lower at $72.90.