Corn futures traded lower much of the day, but closed higher on Wednesday. Spillover support from soybeans and continued hot and dry weather in Argentina helped push prices higher. Firm crude oil trade, strength in the stock market, and weakness in the dollar index also helped push prices higher. March ended 6 3/4 cents higher at $3.90 1/4 and May was 6 1/4 cents higher at $4.01.



Soybean futures were sharply higher on Wednesday. The market was supported by technical buying and continued concern about the dry conditions in Argentina. Weekly export inspections reported this morning were strong at 37 million bushels as China remains a strong customer. March soybeans ended 28 1/2 cents higher at $10.20 1/2 and May was 28 1/4 cents higher at $10.29 1/4.



Wheat futures settled with strong gains on Wednesday. Short-covering following yesterday's losses and the news that Egypt bought some U.S. wheat helped support the market. Dry conditions in the southern Plains are a bullish factor as moisture will be critical when the crop breaks dormancy. CBOT March ended 21 3/4 cents higher at $5.71 3/4, KCBT March was 20 cents higher at $5.99 3/4 and MGE March ended 17 3/4 cents higher at $6.47 1/4.



Cattle futures ended mixed on Wednesday. February hit the lowest level in 6 weeks, but strength in the stock market and corn futures helped pull some deferred contracts higher. Concern about demand due to the struggling economy continues to hang over the market. Boxed beef prices had been strengthening recently, but choice cutouts were down 89 cents at midday. February closed 28 cents lower at $82.35 and April was 15 cents lower at $85.20.



Lean hog futures closed mostly lower on Wednesday. Technical selling weighed on the market as the February contract hit a new low. Cash trade was mostly steady today, but lower bids are expected later in the week as marketings have picked up after the extremely cold temperatures last week. February was 40 cents lower at $59.33 and April was 35 cents lower at $65.35.