Corn futures closed lower on Wednesday. Profit-taking weighed on prices following the strong gains on Tuesday. Cash basis levels were weaker today as country movement increased with yesterday's rally. March ended 1 3/4 cents lower at $2.18 1/4 and May fell 1 1/2 cents to close at $2.27.



Soybean futures ended higher on Wednesday following a choppy trading session. Concern about warm and dry conditions in Argentina helped support the market in thin trade. Some lower trade during the session was attributed to weaker cash basis levels and profit-taking from yesterday's gains. January ended 3 1/2 cents higher at $6.21 and March was 3 3/4 cents higher at $6.32 1/4.



Wheat futures closed mixed on Wednesday. The market recovered from early weakness to finish mixed. Technical selling and profit-taking weighed on futures in early trading. Ongoing concerns about dryness in the southern Plains provided support. CBOT Mar closed 1/4 of a cent higher at $3.46 1/4. KCBT Mar was unchanged at $3.90 1/2 and MGE Mar was 1 1/4 cents lower at $3.95 1/4.



Live cattle futures ended mixed on Wednesday. The market continues to show surprising resiliency, rebounding early losses to post a mixed close. Once again the large commodity funds refused to sell into weakness despite expectations for a soft tone in the cash market this week. February closed 10 points higher at $96.47. April ended 15 points lower at $94.87.



Lean hog futures closed lower again on Wednesday. The declines were fueled by fund selling and weak cash prices. Traders are getting worried about the gap between cash and the February contract. February closed down 60 cents at $64.05. April ended 53 cents lower at $67.43.