Corn futures closed lower Wednesday on renewed supply concerns and weakness in the other grains. Prospects for rain across Argentina over the next couple of days weighed on prices. Although rain now will have a limited beneficial impact, it will help grain fill some. March settled 4 1/2 cents lower at $2.21 1/2. May closed 4 1/2 cents lower at $2.32 1/2.



Soybean futures ended lower again on Wednesday. Scattered rainfall in Argentina along with forecasts for more rain pressured prices. Expanding bird flu is also weighing on the market as meal demand will probably be cut. March ended 13 1/2 cents lower at $5.74 and May ended 14 1/2 cents lower at $5.86 1/2.



Wheat futures settled lower on Wednesday. Profit-taking pressured prices following recent steep gains. Rumors that the U.S. has gotten only a small portion of the Iraqi business or may have been shut out contributed to the selling. CBOT Mar was 7 cents lower at $3.65 1/2. KCBT Mar fell 8 1/2 cents to close at $4.31 1/2. MGE Mar was down 2 cents at 4.13 1/4.



Cattle futures closed mixed on Wednesday. The discount to the cash market and strengthening wholesale beef prices provided support. However, the sharp reduction in last week's slaughter pace and expectations for a bearish USDA Cattle on Feed report Friday limited buying interest. April ended down 27 points at $88.20 while June was unchanged at $83.45. March feeder cattle were up 27 points at $107.90.



Lean hog futures closed lower on Wednesday, but well off of the day's lows. The Cold Storage report showed record pork stocks at the end of January, although traders were looking for a bigger number. Traders appear to be worried that packers will lower cash bids because of poor margins. April ended $1.23 lower at $62.03 and June fell 60 cents to $70.13.