Corn futures settled lower on Wednesday. Profit-taking from the recent rally and spillover selling from other commodity markets including crude oil weighed on the market. Export demand remains sluggish although further losses were prevented in part due to weakness in the dollar index. March closed 11 cents lower at $4.16 1/2 and July was 10 3/4 cents lower at $4.37 1/4.

Soybean futures traded lower on Wednesday. The broad based commodity sell-off and profit-taking from the recent rally weighed on soybean futures. Dry weather remains a concern for Argentina and southern Brazil, but updated forecasts show the possibility of a wetter weather pattern developing. March ended 26 cents lower at $9.90 and May was 26 1/4 cents lower at $10.01.

Wheat futures ended strongly lower on Wednesday. Profit-taking pressured prices after hitting 3-month highs on Tuesday. Spillover weakness in corn and soybeans as well as outside markets such as crude oil also encouraged fund selling. Ideas that the recent rally has made U.S. prices less competitive on the world export market also pressured prices. CBOT March ended 30 1/4 cents lower at $6.13 1/4, KCBT March was 34 1/4 cents lower at $6.35 3/4 and MGE March fell 20 1/2 cents to $6.64.

Cattle futures closed sharply lower on Wednesday. A broad based sell-off in commodities and concern that the struggling economy will hurt beef demand pressured futures. A drop in midday boxed beef prices and talk that packers may slow slaughter this week focused most of the weakness on front end contracts. February ended $2.78 lower at $85.78 and April was $2.40 lower at $88.93.

Lean hog futures closed mostly lower on Wednesday. Front end contracts were pressured by futures premium to cash and the general sell-off in commodity markets. However, losses were limited by firm cash markets and the $2.54 jump in pork cutouts values on Tuesday. February ended 40 cents lower at $63.55 and April was 60 cents lower at $70.25.