Corn futures slipped to a lower close on Wednesday. Futures were choppy in quiet trade, but after setting new highs in the new-crop December contract prices backed off. USDA's baseline forecast calls for acreage in 2007 at 86 million bushels, which is below current trade estimates. March was 2 3/4 cents lower at $4.08 1/4 and December was 1 3/4 cents lower at $4.01 1/4.

Soybean futures ended lower on Wednesday after a choppy session. Soybeans were overbought and due for a correction. The NOPA monthly crush was report was slightly bearish as crush was just under pre-report estimates while soybean oil stocks were slightly above. USDA published its 2007 baseline acreage estimate at 71 million acres, a number higher than most traders are carrying. March ended 4 1/2 cents lower at $7.50 1/2 and November was 4 1/4 cents lower at $8.02 3/4.

Wheat futures closed lower on Wednesday. Another round of rain and snow in the Plains and southern Corn Belt contributed to the weakness today. However, futures were able to bounce off of chart support to prevent any major chart damage. CBOT Mar was 8 cents lower at $4.51. KCBT Mar was down 10 1/4 cents at $4.77 1/4 while MGE Mar was 5 3/4 cents lower at $4.91 3/4.

Cattle futures ended lower on Wednesday. Weakness was attributed to a round of profit-taking. Sharply higher cutout values this week along with expectations for higher cash cattle prices continue to lend strong fundamental support. February was down 17 points at $94.22 while April was 7 points lower at $96.27. March feeder cattle gained 7 points to close at $100.80.

Lean hog futures were sharply higher on Wednesday. Gains were fueled by both good wholesale pork demand and strong technical factors. The big jump in packer margins are leading to optimism that cash hog prices will move higher. Most contracts hit new life-of-contract highs today. April closed $1.60 higher at $68.88 and June was $1.53 higher at $78.58.