Corn futures ended mixed on Wednesday as prices consolidated following yesterday's losses. There is good demand underlying the market, but with more than 90% of harvest still ahead and ideas that the crop production estimate is likely to ratchet up further, the market is having difficulty sustaining upward momentum. December futures closed steady at $2.37 3/4. March futures settled 1/4 cent lower at $2.52 1/4.



Soybean futures made a small bounce on Wednesday. Oversold conditions led to the short-covering rally, but the market could not hang onto early gains. Although August weather was near-perfect, forecasts are calling for cool weather next week with a chance for frost in Minnesota and northern Iowa. November settled 2 cents higher at $5.40 1/2 and January was 2 cents higher at $5.54.



Wheat futures ended lower on Wednesday. The weakness was attributed to follow through technical selling pressure after negative chart action Tuesday. Futures opened a couple cents higher on news that Egypt had purchased 120,000 metric tons of U.S. wheat, but ran into late liquidation to close lower. CBOT Dec fell 5 cents to close at $3.97 1/2. KCBT Dec was 4 cents lower at $4.66. MGE Dec was down 4 3/4 cents at $4.44 1/2.



Cattle futures were sharply lower on Wednesday. Futures plunged lower Wednesday amid heavy commodity fund long liquidation. The market is looking for cash markets to soften this week, which contributed to the selling pressure. Even so, the steep break appears largely technical. October was down 177 points at $90.32. December fell 142 points to close at $90.45. October feeder cattle were down 130 points at $116.75.



Lean hog futures dropped sharply on Wednesday, more than wiping out Tuesday's gains. Fund selling, some weakness in cash hog prices, and falling cattle prices all contributed to the drop in hog futures. October fell $1.58 to close at $65.93. The December contract fell by $1.70 and closed at $63.53.