Corn futures turned lower on Wednesday after a firm open. Futures consolidated recent gains after wheat futures turned lower this morning. Harvest progress is expected to pick up this week in the central and western Corn Belt although rain in the east will limit harvest activity there. December fell 5 1/4 cents to close at $2.53 3/4 and March was 5 cents lower at $2.67 3/4.



Soybean futures ended lower on Wednesday. Spillover pressure from corn, bearish fundamentals, and increasing harvest pressure were negative factors today. Weather should allow good harvest progress in the central and western Midwest the next few days of what is expected to be a near record crop. November ended 4 1/4 cents lower at $5.42 1/2 and January ended 4 1/2 cents lower at $5.56 1/2.



Wheat futures closed mixed on Wednesday. Futures charged higher on the open, quickly reversed to fall to the daily lows on profit taking, before settling into a rather quiet trading range to finish mixed. Forecasts calling for beneficial rain in Argentina next week and improving chances of showers in Australia contributed to the midsession losses. CBOT Dec was 1 1/4 cents higher at $4.24 1/4. KCBT Dec ended 1/2 cent lower at $4.79. MGE Dec was 2 cents lower at $4.59 1/2.



Cattle futures were lower on the close Wednesday. Wholesale beef prices have gained a couple dollars this week but aren't yet showing enough strength to justify last week's firm cash cattle prices. A report that Japan has no interest in entering discussions about easing the restrictions on U.S. beef imports contributed to speculative long liquidation. October was down 15 points at $91.00. December was 25 points lower at $90.02. October feeder cattle fell 72 points to close at $113.85.



Lean hog futures turned lower on Wednesday following the slight bounce Tuesday. The continuing decline in prices for cash hogs is the main factor pressuring futures. The charts suggest some consolidation in futures and the December contract is still considered to be "oversold" but that wasn't enough to keep prices up on Wednesday. October ended unchanged at $62.15 and December was down 35 cents at $59.63.