Corn futures were higher on Wednesday. Carryover strength from Tuesday, gains in wheat and soybeans, and continued strength in the commodity complex overall helped propel prices higher. The May contract settled 1 1/4 cents higher at 2.10 3/4.



Soybean futures traded higher most of the day, but sold-off in afternoon trade to end slightly lower on Wednesday. Initial strength was attributed to technical buying, but spillover weakness from soybean oil helped turn the tide in the soybean pit. May ended 1/4 of a cent lower at $6.30 3/4.



Wheat futures were higher on Wednesday. The market continued to garner support from the other grains, but it also appears the commodity index funds have also been buying grains. CBOT May wheat was 2 3/4 cents higher at $3.10 3/4. KCBT May was 5 1/2 cents higher at $3.26 1/4. MGE May wheat closed 4 3/4 cents higher at $3.27.



Cattle futures ended mixed on Wednesday. After the August and October live cattle and August through October feeder cattle contracts pushed to new highs, profit-taking weighed on futures. Gains were attributed to expectations for firm cash trade and strengthening boxed beef prices. April ended up 55 cents at $91.10 and June was 13 cents higher at $85.53.



Lean hog futures closed higher on Wednesday. Higher cash bids were supportive even though futures are already far above current cash prices. Traders want to be long because the seasonal decline in hog supplies could show up in the next few weeks. June ended up 70 cents to close at $78.38.