Corn futures are several cents lower Wednesday morning, pressured by heavy speculative long liquidation. Favorable weather in South America and lingering concerns that USDA may ease the rules to allow some CRP land to come into production are negative fundamental factors. March corn is down 8 1/2 cents at $3.69 1/2 and the May contract is 8 3/4 cents lower at $3.75.



Soybean futures are also a few cents lower at mid morning Wednesday but have trimmed early losses. Recent rainfall in South America and ideas that the commodity will take some profits before year end are contributing to the selling interest. The January soybean futures contract is down 4 1/4 cents at $6.60 and March is 4 3/4 cents lower at $6.73.



Wheat futures are sharply lower at mid morning Wednesday pressured by heavy speculative long liquidation. Forecasts for improving moisture in the southern Plains next week are contributing to the selling. The Chicago March contract is down 15 1/4 cents at $5.02. Kansas City March is 13 1/4 cents lower at $5.21. Minneapolis March is 12 1/4 cents lower at $5.12 1/2.



Cattle futures are slightly lower at mid morning Wednesday. The strong rally Tuesday is attracting light commercial selling interest in the February contract. Cash cattle are expected to trade firm to a dollar higher this week. December cattle futures are 5 points lower at $86.45 while the February contract is down 12 points at $89.45.



Lean hog futures are mixed after a firm to higher opening. Nearby contracts are finding support from steady to higher cash prices while the deferred futures are lower. The February contract ran into early chart resistance just below Tuesday's high at $64.40. Early reports called cash markets steady to a dollar higher. The December futures contract is steady at $61.85 and February is 15 points higher at $64.07.