Corn futures ended moderately lower on Wednesday. Profit-taking on the gains made on Tuesday and spillover weakness from crude oil pressured prices. USDA's planting intentions number of 85 million acres would be 1 million below last year, but was 600,000 acres above trade expectations. May fell 8 3/4 cents to $3.96 and December closed 8 1/2 cents lower at $4.27 1/4.



Soybean futures closed steady to narrowly mixed on Wednesday. The market was higher some of the day on continued bullish reaction to the Prospective Plantings report that showed planting intentions at 76 million acres, down 3.6 million from pre-report trade estimates. But the market pulled back to unchanged levels on weakness in corn and crude oil. May closed unchanged at $9.52 and November was unchanged at $8.92.



Wheat futures ended mostly lower on Wednesday. The market was pressured by profit-taking from the gains on Tuesday and spillover weakness from corn. Recent precipitation in the HRW wheat belt has helped crop prospects. In addition, China has reported only minimal wheat damage from the recent freeze. CBOT May closed 7 1/4 cents lower at $5.25 1/2 and KCBT May was 7 1/4 cents lower at $5.66. MGE was higher on concern about spring wheat planting delays and flooding with May up 4 1/4 cents at $6.43 1/2.



Cattle futures closed mixed on Wednesday. The market was pressured by profit-taking on the gains yesterday. However, losses were limited and some contracts pulled higher due to strength in the stock market and further improvement in boxed beef. Beef prices were higher on Tuesday and again at midday, with choice cutouts up 92 cents. June closed 33 cents lower at $81.38 and August was 10 cents lower at $82.35.



Lean hog futures settled lower on Wednesday. Fund selling pressured futures after the rally yesterday. Pork cutouts were down 91 cents on Tuesday and cash bids were generally steady to lower today. Losses were limited by ideas that tightening hog supplies and seasonal improvement in demand will help push cash prices higher. June fell 95 cents to 71.45 and August was 80 cents lower at $72.58.