Corn futures posted solid gains on Wednesday. Spillover support from wheat and strong demand helped push prices higher as funds turned to buyers. Cash basis levels have been firming due to the lack of farmer selling and solid export demand. Market rally attempts are expected to be limited by the approaching harvest. September ended 5 3/4 cents higher at $2.28 1/2 and December was 6 cents higher at $2.44 3/4.



Soybean futures closed higher on Wednesday. Trade was rather lackluster most of the day until a late rally pushed prices higher. Corn and wheat markets lent some support as they both had large rallies today. Weather has been beneficial for the crop this month, but there is some concern that cool, wet weather may slow development of later planted beans. September was 5 cents higher at $5.42 and November was 4 3/4 cents higher at $5.55 3/4.



Wheat futures were higher on the close Wednesday. News that India is tendering for an additional 1.67 million metric tons of wheat in the world market provided strong fundamental support and technical buying extended gains. The CBOT and KCBT Dec contracts were able to push through technical chart resistance. CBOT Sep was 17 cents higher at $3.97 1/2. KCBT Sep climbed 9 1/2 cents to close at $4.69 3/4. MGE Sep was 2 1/4 cents higher at $4.49 1/4.



Cattle futures closed higher on Wednesday. The market was boosted by month-end short covering amid ideas that cash prices will remain firm this week. Boxed beef prices are showing signs of stabilizing despite the relatively heavy slaughter pace. October was 40 points higher at $92.92 while December gained 47 points to close at $92.90. October feeder cattle were 30 points lower at $117.15.



Lean hog futures roared higher on Wednesday with most contracts posting gains of $1 or more. Several months hit new life-of-contract highs. The buying was largely related to technical factors as the cash market continued to weaken. October ended $1.23 higher at $66.60. December closed up $1.20 at $63.90.