Corn futures settled lower on Wednesday after trading high much of the session. When gains in soybeans were trimmed and the crude oil and stock markets moved lower, corn prices turned negative. Rain in Argentina has helped improve crop prospects, although significant damage to the corn crop has already taken place. March ended 3 1/2 cents lower at $3.58 1/4 and May was 4 cents lower at $3.68 3/4.



Soybean futures closed slightly higher in old-crop months on Wednesday. The market rallied this morning, but old-crop gains were trimmed and new-crop months were lower amid weakness in the crude oil and equity markets. Rain in Argentina has taken the strength out of the market and more rainfall is being forecast. March ended 3 1/2 cents higher at $9.49 1/2 and May was 3 1/2 cents higher at $9.53 3/4.



Wheat futures traded lower on Wednesday. Sluggish export demand and strength in the dollar index were bearish factors. The market was disappointed that Egypt bought French and Russian wheat in the recent export tender, with no business going to the U.S. CBOT March closed 10 1/4 cents lower at $5.42 1/4, KCBT March ended 8 1/2 cents lower at $5.72 1/2 and MGE March was 6 cents lower at $6.37.



Cattle futures closed lower on Wednesday. Weaker beef prices at midday and the stock market turning strongly lower weighed on futures. Beef prices are at their lowest level since April 2008. Traders were also concerned about the economy and how the negative effects on beef demand. Strength in the dollar index was also bearish news for the export market. April ended 18 cents lower at $85.95 and June closed 8 cents lower at $83.68.



Lean hog futures declined again on Wednesday, pressured by weak cash bids and falling corn prices. Early session declines triggered sell-stops which led to even lower prices. Cash hog prices were generally weak on Wednesday, with some markets reporting declines of $1.50 or more. April closed down $1.28 at $60.88 and June fell 90 cents to $73.35.