Corn futures closed strongly lower on Wednesday. The market was higher much of the session on support from USDA cutting their ending stocks estimate to 1.740 billion bushels, down 50 million from last month. But the market was pressured by the sharp drop in crude oil prices and the stock market turning lower. May was 11 cents lower at $3.64 1/2 and December closed 10 3/4 cents lower at $3.96.



Soybean futures settled lower on Wednesday. USDA's Supply/Demand report was bullish this morning as ending stocks were cut to 185 million bushels, down 25 million from last month. However, the gains in the futures market were unable to hold up in the face of weaker crude oil prices and the stock market fall to negative territory. May ended 15 cents lower at $8.62 and November fell 18 1/2 cents to $8.17.



Wheat futures closed sharply lower on Wednesday. The bearish USDA Supply/Demand report started the market off on the defensive today and when corn, soybeans and the stock market turned lower, losses were extended. USDA raised their ending stocks estimate to 712 million bushels, up 57 million from last month and more than 50 million above pre-report trade expectations. CBOT May fell 24 1/2 cents to $5.08 1/4, KCBT May fell 22 3/4 cents to $5.61 and MGE May ended 20 1/2 cents lower at $6.05 1/2.



Cattle futures settled lower on Wednesday. The market was pressured by the stock market turning lower during the session and concern about the cash market. Boxed beef prices were mixed at midday and negative packer margins could keep cash bids steady at best this week compared with early week ideas of firm trade. April ended 33 cents lower at $82.55 and June fell 30 cents to close at $80.95.



Lean hog futures closed mostly higher on Wednesday. Short-covering following the sharp losses on Tuesday helped push most contracts higher, although the nearby April was pressured by the premium held to the cash market and mostly weaker cash bids today. April closed 20 cents lower at $60.33 while June was 70 cents higher at $72.40.