Corn futures ended lower today. Gulf basis levels are weakening as barge traffic improves and export demand remains sluggish. Futures tested support at the contract low, but once again there was little followthrough. March settled 1 3/4 cents lower at $1.95 1/4.

Soybean futures closed slightly lower. Spillover weakness from yesterday and generally bearish fundamentals pushed the March contract to a new contract low. Gulf basis have been volatile, but weak the past couple of days. March ended 1 3/4 cents lower at $5.05 1/4.

Wheat futures were lower Wednesday. A bearish wheat stocks number by Stats Canada and expectations for the EU to announce export subsidies on Thursday were negative factors today. CBOT Mar was down 4 cents at $2.88 1/4. KCBT Mar fell 2 3/4 cents to close at $3.23 1/2. MGE Mar was also 2 3/4 cents lower at $3.38.

Cattle futures were slightly lower today in a quiet session as traders awaited direction from the cash market. Expectations for firm cash trade this week are lending support. However, recent strength has already priced in the prospect for $90 trade. February fell 7 points to close at $90.70.

Lean hog futures collapsed today with both February and April down the $2 daily limit. Deferred contracts through mid-year also closed sharply lower. Cash hog prices were down on Wednesday, which helped fuel the sell-off and technical factors have also turned negative. The April contract settled at $73.13.