Corn futures closed higher on Wednesday. The market was range-bound, but was pulled higher by spillover support from soybeans and crude oil. Weather conditions remain mixed with some opportunities this week for planting in the western Corn Belt while the eastern half remains generally too wet for much planting progress. July ended 2 1/4 cents higher at $4.07 1/2 and December ended 1 3/4 cents higher at $4.16.



Soybean futures were strongly higher on Wednesday. Bullish old-crop fundamentals helped drive futures higher again today as there were further reports of low soybean yields in Argentina and solid export demand continues from China. New-crop was pulled higher today, although the July/November spread remains strong with a $1.40 premium to July. The July contract was 17 cents higher at $11.18 and November ended 17 1/2 cents higher at $9.78.



Wheat futures ended higher on Wednesday. Spillover strength from soybeans, firm outside markets and spring wheat planting delays helped push prices higher. Gains were limited by sluggish export demand and reports from the Wheat Quality Council's tour of Kansas wheat that showed the crop in generally good condition. CBOT July closed 5 1/4 cents higher at $5.58 3/4, KCBT July ended 5 3/4 cents higher at $6.04 1/2 and MGE July settled 2 cents higher at $6.78 1/4.



Cattle futures were mostly higher on Wednesday, although the June contract was slightly lower. Weakness in boxed beef prices and ideas that cash trade will be lower this week kept pressure on the nearby. But deferreds were slightly higher on spillover support from the strong gains in the lean hog pit. June ended 25 cents lower at $81.88 while August was 13 cents higher at $82.35.



Lean hog futures closed sharply higher on Wednesday. Gains in pork cutout values on Tuesday and talk that pork exports will soon recover from the restrictions following the H1N1 flu outbreak supported prices. In Mexico, which is a key market for U.S. ham, business was returning to normal after the government lifted a 5-day shutdown. June ended $2.30 higher at $67.10 and July was $2.33 cents higher at $70.10.