Corn futures closed lower on Wednesday. Some forecasters have increased rainfall amounts for the east Corn Belt. Since there is some concern about dryness emerging from eastern Iowa across the northern one half to two-thirds of Illinois, the rainfall would help early development. July ended 1 3/4 cents lower at 2.06 1/2.



Soybean futures ended lower on Wednesday in choppy trade. Forecasts for rain in the eastern Midwest weighed on futures, but the market was mixed during the session due to positioning ahead of Supply/Demand report due out Thursday morning. July ended 1 cent lower at $6.33.



Wheat futures were several cents lower Wednesday pressured by forecasts for rain in the southern Plains Thursday and Friday. Futures were also pressured by speculative long liquidation ahead of the Supply/Demand reports due out Thursday morning. CBOT July was 7 3/4 cents lower at $3.13 3/4. KCBT July fell 6 1/4 cents to close at $3.16 1/2. MGE July wheat was down 3 1/4 cents at $3.30.



Cattle futures were higher on Wednesday. The firm tone continued in the futures market with support from persistent short covering. A few cash cattle traded at $143 dressed in Nebraska, down $2 from last week. The deep discount from the cash market is attracting buying interest in the nearby. June futures closed 35 points higher at $86.45.



Lean hog futures bounced higher on Wednesday after significant weakness earlier in the week. Strength came from short covering and fund buying even though cash market fundamentals remained bearish. Several contracts were up as much as the $2 daily limit before dropping back into the close. The June contract closed up 93 cents at $76.23.