Corn futures ended the day with lower quotes. That marked the seventh consecutive session of weakness. The corn prices fell to the lowest since August 2010 on a continuous chart. The market was depressed by the ideal crop weather conditions as the crop moves into pollination. However, talk of sizeable export sales to unknown destinations and Japan limited the sustained losses. Traders are anticipating USDA to raise the yield to an average of 166.8 from USDA’s estimate at 165.3 in June. September corn dropped 7.00 cents to $3.9125/bushel, while December dove 6.25 cents to $3.98.

The soybean market closed mostly lower on Wednesday. Futures were undercut by the short-covering actions. However, there were some bargain buying interests for July contracts before expiration. Downward pressure was from beneficial crop weather that boosts the prospects for a promising harvest in several months. The Brazilian government raised its 13/14 soy production estimate to 86.27 mmt from 86.05 mmt in June. Ahead of the Friday WASDE report, USDA is expected to boost the U.S. 2014/15 ending stocks projection to 415 to 420 million bushels, up from 325 million last month. August soybeans fell 2 cents to $12.4625/bushel, and November plunged 12.5 cents to $11.0375. August soyoil dropped 0.74 cents to 37.14 cents/pound, while August soymeal gained $4.2 to $406.1/ton.

Wheat futures were mostly lower Wednesday led by KC hard red winter wheat that dropped 2.2%. Winter wheat harvest, favorable spring wheat prospects in the U.S. and uncertain export demand weighed on the market. USDA will issue their first spring and durum wheat production estimates of the season and update winter wheat production as well Friday. USDA is expected to raise total wheat production to 1.972 billion bushels from USDA’s June estimate at 1.969 billion. The increase in production would also boost the ending stocks projection. September CBOT wheat futures lost 5.00 cents to $5.5125 bushel, September KCBT wheat futures plummeted 11.00 cents to $6.5325/bushel and September MWE futures dove 9.75 cents to $6.4725.

Cattle futures have turned sharply lower on Wednesday. Futures selling stemmed from long liquidation by the funds, particularly once the August contract broke below near-term support at 153.00. Futures traded down the 3 cent limit at one point, but bounced back to close off the intraday low. Initially, the cattle market garnered buying support from higher beef prices. Beef prices were higher Tuesday and again at midday on Wednesday. The Choice cutout was 85 cents higher to $250.83/cwt at midday. However, the trade remains nervous that high prices will begin to throttle beef demand, particularly during mid to late summer, a time when beef demand tends to soften. The trade is also anxious to see how the cash market responds to a higher supply of market-ready cattle this week. August cattle settled 2.72 cents lower at 150.80 cents/pound while December was 1.30 cents lower to 154.05 cents. Meanwhile, August feeder cattle closed 2.30 cents lower to 213.60 cents/pound.

The hog futures were rather choppy today. They posted impressive gains in the morning along with the strength exhibited in cattle prices. However, prices suffered a setback and end mixed as cattle futures plunged. Support stemmed from the higher cash prices in the result of smaller year-over-year slaughter number. However, weights are surged. August hog futures are down 0.05 cents at 129.80 cents/pound and December was up 0.750 cents to 105 cents.