Corn futures were lower on Wednesday. Trade was choppy, but prices ended lower on ideas that warmer and drier weather is beneficial for most of the corn crop in the Corn Belt. Otherwise, there is little fresh news available as traders wait for USDA's acreage report next week Tuesday. July ended 2 1/2 cents lower at $3.86 1/2 and December was 1 3/4 cents lower at $4.07 1/4.



Soybean futures ended higher on Wednesday. The market continued to rebound from one-month lows posted earlier this week amid tight old-crop stocks. New-crop was pulled higher as well, although gains were limited by ideas of increased acreage and improved crop conditions/late planting progress with the warm and dry weather in the Midwest this week. July ended 6 cents higher at $11.85 and November was 3 1/2 cents higher at $10.08.



Wheat futures closed lower on Wednesday. Harvest pressure and warm and dry weather in the Plains this week weighed on the market. Ideas that increased regulation could limit fund activity in the wheat market following a recent U.S. Senate probe also led to some weakness. CBOT July was 7 cents lower at $5.39 3/4, KCBT July ended 6 1/2 cents lower at $5.97 1/2 and MGE July was 8 1/2 cents lower at $6.93.



Cattle futures closed lower on Wednesday. Commercial selling and spillover pressure from lean hogs weighed on the market. Boxed beef prices have firmed slightly recently and were higher again at midday, but there is concern that beef prices will decline once wholesalers complete purchases for the July fourth holiday weekend. June ended 20 cents lower at $81.65 and August was 85 cents lower at $82.48.



Lean hog futures were sharply lower on Wednesday. The $1.40 drop in cutout values on Tuesday pushed pork prices to the lowest level of the year. Cash hog markets were steady to firm, but ideas that packer demand will slow once July fourth weekend needs are filled kept futures on the defensive. July closed $2.83 lower at $57.30 and August was $1.63 lower at $58.83.