Corn futures turned higher again on Wednesday. Limit gains in wheat and sluggish corn harvest helping to spark the rally. Harvest delays are not severe, but weather forecasts suggest further delays are likely over the next week to ten days. December futures closed 8 1/2 cents higher at $2.84. March settled 6 cents higher at $2.94.



Soybean futures closed higher on Wednesday, but gains were trimmed into the close. The limit up move in wheat provided spillover buying, but the lack of fundamental support limited buying interest. About the only supportive fundamental news was the possibility of weather problems slowing down harvest later this week or possibly early next week. November ended 1 3/4 cents higher at $5.62 1/4 and January was 1 3/4 cents higher at $5.77.



Wheat futures were sharply higher on Wednesday. The CBOT and KCBT rallied to another round of contract highs. News that Australia has halted exports from the east coast and will review its export commitment provided another dose of bullish fundamental news. In addition, another increase in margin requirements increased the financial pressure on shorts. CBOT Dec ended up the 30 cent limit at $5.31. KCBT Dec was up 27 1/4 cents at $5.40 1/2. MGE Dec was 27 1/4 cents higher at $5.29 1/4.



Cattle futures closed mostly lower on Wednesday. The market posted a weak close after a quiet two-sided trade session. News that several packers are planning to slow the slaughter pace continued to pressure prices. Losses were limited by short covering and moderate strength in boxed beef cutouts values. October was 7 points higher at $88.35. December was 12 points lower at $86.90. October feeder cattle were down 85 points at $109.25.



Lean hog futures closed mixed on Wednesday. Weakness in the cash market weighed on the October contract, but December was firm on spread trading. The December contract was also supported by the discount to the October and the CME lean hog index. October closed 15 cents lower at $64.65 and December was 58 cents higher at $59.83.