Corn futures ended mostly lower, with the nearby July being the sole contract to post gains. The midday selloff in soybeans pressured corn, but the market managed to recover close to unchanged after falling to fresh 7-month lows. This was the lowest price since the corn market bottomed in December. Summer growing conditions continue to be good, with mild temperatures and periodic showers. September was 1/4 of a cent lower at $3.25 1/4 and December was 1 1/2 cents lower at $3.34 1/4.

Soybean futures closed lower Wednesday, with the nearby July and August contracts falling sharply. Weakness in the nearby contracts arose from rumors that China plans to open up sales from their soybean reserves. Ideal weather conditions across the Midwest have been weighing on the markets. With 2009 soybean acres estimated at 77.5 million good yields could compound into a sizeable crop. August was 38 1/2 cents lower at $10.15 and November was 3 cents lower at $8.92.

Wheat futures finished mixed Wednesday. Prices moved higher on a technical bounce as traders covered short positions. News that a heat wave across Eastern Europe will likely reduce grain output was also supportive, as well as a report that Egypt purchased 175,000 tonnes of wheat from France and the U.S. Outside markets kept a lid on prices. CBOT September was 4 3/4 cents higher at $5.17 1/4, KCBT September was 2 1/2 cents higher at $5.46 1/2 and MGE September was 2 1/4 cents lower at $6.04 1/2.

Cattle futures finished lower Wednesday. Futures continue to be plagued by poor beef demand. Outside markets pressured prices as well, particularly the stronger dollar and concerns that the economy is still struggling and consumers might substitute beef for lower-priced alternatives. Also bearish was news that Brazil, the largest beef exporter, is increasing its slaughter capacity by 25 percent. August was 85 cents lower at $83.35 and October was 88 cents lower at $88.33.

Lean hog futures closed lower Wednesday. Fund selling and spillover weakness from outside markets pressured futures. Adding to the losses were lower cash hog prices and cutouts. Packer margins continue to be negative, which is cutting into slaughter. The Goldman roll further eroded the August contract. August was $1.18 lower at $61.03 and October is $1.40 lower at $56.75.