Corn futures closed lower on Wednesday. The lack of any supportive news and spillover selling from soybeans pushed prices lower today. The corn market remains trapped in a trading range as concern about the economy remains a bearish factor while recent improvement in the pace of U.S. exports has provided some underlying support. March closed 8 1/4 cents lower at $3.68 1/2 and May was 8 1/2 cents lower at $3.78 1/2.



Soybean futures ended strongly lower on Wednesday. Better than expected rainfall in Argentina weighed on futures. The market was also pressured by concern that the global economy will limit demand for U.S. soybeans and soy products. CBOT March ended 16 cents lower at $9.78 and May was 18 1/4 cents lower at $9.82.



Wheat futures traded lower on Wednesday. Sluggish export demand and concern that the poor global economy will further limit trade pressured prices. Spillover selling from corn and soybeans added to the losses. Snow in the U.S. Plains will help replenish soil moisture levels some, but moisture reserves remain limited in much of the southern Plains. CBOT March closed 12 3/4 cents lower at $5.43 1/4, KCBT March ended 12 1/2 cents lower at $5.76 1/2 and MGE March finished 12 cents lower at $6.41 1/4.

Cattle futures settled mostly lower on Wednesday. The market opened higher on follow-through buying from recent strength and ideas that the cash market will be firm again this week. But futures turned lower on profit-taking and concern about slowing economy which will slow demand for beef. April closed 45 cents lower at $87.60 and June was 23 cents lower at $85.18.



Lean hog futures closed mostly higher on Wednesday, although the April contract was pressured lightly by spread trade. The firm tone in the cash market and small gains in pork cutout prices provided support. Gains were limited by futures premium to cash and continued concern over the weakening economy. April was 3 cents lower at $62.28 while June was 25 cents higher at $75.30.