Corn futures ended fractionally lower on Wednesday. Weather is mixed for the corn market. Current warmer and drier weather should help get some corn planted, but forecasts call for cooler and wetter weather this weekend and early next week in the Midwest. Firm crude oil prices and strength in the stock market also helped limit losses. May closed 1/2 of a cent lower at $3.73 1/2 and December was 1/4 of a cent lower at $4.03 1/4.



Soybean futures closed mixed on Wednesday. Old-crop contracts were boosted by strong export demand from China for U.S. soybeans and disappointing Argentine soybean yields. New-crop months were pressured by ideas that soybean acreage in the U.S. could increase if corn planting delays continue. May ended 8 cents higher at $10.46 and November fell 7 cents to $9.24.



Wheat futures were solidly higher on Wednesday, led by spring wheat. Forecasts for more rain in the northern Plains raised further concerns about spring wheat planting delays. Winter wheat was pulled higher with support from concerns about HRW wheat production prospects following the early April freeze. CBOT May closed 7 1/4 cents higher at $5.16 3/4, KCBT May ended 6 cents higher at $5.69 1/4 and MGE May ended 20 cents higher at $6.53 1/2.



Cattle futures closed mostly lower on Wednesday. Ideas that the rally in boxed beef prices will be unable to be sustained pressured the futures market today. Wholesale beef price reached a three-month high this week and choice cutouts were up $1.57 at midday. Short-covering and expectations for firm cash trade this week helped limit losses. June ended 13 cents lower at $83.15 and July closed 28 cents lower at $73.48.



Lean hog futures were slightly lower on Wednesday. Ideas that futures had already priced the higher cash trade into the market weighed on futures as packer margins are poor and as pork cutouts have been declining. However, losses were limited by the bullish Cold Storage report that was released on Tuesday afternoon. Pork in storage as of the end of March was down 10% from last year. June closed 3 cents lower at $72.38 and July ended 28 cents lower at $73.48.