Corn futures were lower on Wednesday. Weakness was driven by technical factors as well as fund selling. With moving average turning lower, the market is at risk of seeing further weakness due to long liquidation by the funds. March settled 4 1/2 cents lower at $3.68 4/4 while December 07 was 4 1/4 cents lower at $3.50 1/2.



Soybean futures ended lower on Wednesday, but were able to recover from early losses. The weaker corn market enabled soybeans to consolidate. Weather conditions in Brazil have been generally favorable and rain is forecast for the dry areas in the south. January fell 7 1/2 cents to $6.55 1/2 and November was 6 cents lower at $7.12.



Wheat futures were solidly higher Wednesday. Early weakness was tied to technical selling in sympathy with more significant losses in corn futures. However, the market was able to rebound from recent weakness and post gains. CBOT Mar was up 6 1/2 cents to close at $4.88 1/2. KCBT Mar was 3 1/2 cents higher at $5.08 3/4 while MGE Mar rallied 7 1/4 cents to close at $5.06 1/4.



Cattle futures closed higher on Wednesday. The market rebounded from yesterday's losses on ideas that cash trade will hold at $86 or better this week. Light volume trade was noted yesterday at $86 in the south. The December contract was 33 points higher at $86.05 while February was 40 points higher at $88.85. January feeder cattle were up 65 points at $99.08.



Lean hog futures ended narrowly mixed on Wednesday. Futures held up fairly well considering that cash prices were down in most markets. Most of the support for futures prices came from technical trading, e.g. short covering and spreading. December ended 13 cents lower at $61.33 and February was 15 cents higher at $63.53.