Corn futures were 1 lower again Wednesday as rain and fund selling kept pressure on futures. Several inches of precipitation are expected from Illinois to Ohio, which would help replenish depleted soil moisture levels. May closed 2 1/2 cents lower at $2.28. December settled 1 cent lower at $2.56 3/4.

Soybean futures closed lower on Wednesday. Fundamental factors continued to weigh on the market. An excess of soybean stocks and rain in the Midwest continued to be the most evident bearish factors. Soy stocks are projected to remain high as bird flu is expected to put a damper on meal demand. May settled 6 cents lower at $5.84. November ended 4 1/4 cents lower at $6.09 3/4.

Wheat futures settled higher on Wednesday. The market shrugged off declines in most other commodities today. Weather concerns continue to underpin the market. Weather forecasters are beginning to concede that the driest region of the Plains won't get much moisture this week. CBOT May was 3 1/2 cents higher at $3.84 1/2. KCBT May was up 4 3/4 cents at $4.43 1/2. MGE May was 5 cents higher at $4.29 3/4.

Cattle futures closed lower on Wednesday with the April contract plunging to the lowest level in nearly a year while June fell to a new contract low. Fundamentals remain bearish with concerns about larger cattle supplies, heavy marketing weights, slow beef exports, and competition from pork and poultry. April cattle were 62 points lower at $84.15. June was down 102 points at $79.35. March feeder cattle were down 70 points at $104.00.

Lean hog futures closed lower, but well off the day's lows on Wednesday. Weak cash prices and increased production of beef, poultry and pork year-over-year pushed futures lower again today, but a round of short-covering helped limit losses. The April contract closed 15 cents lower at $59.15 and June contract was 35 cents lower at $68.30.