Corn futures settled lower on Wednesday. The market was choppy today with little fresh news available. Grain prices came under pressure late in the session. Additional moisture is expected in the Corn Belt over the next several days. May closed 2 1/2 cents lower at $2.29 1/4. December settled 1 3/4 cents lower at $2.59 1/4.

Soybean futures closed lower on Wednesday. After starting in positive territory, the market fell once buying dried up and bearish fundamentals took over. The improved soil moisture condition in the U.S. and higher acreage estimates point toward a large crops. May settled 3 1/2 cents lower at $5.84 1/4 and November was 2 1/2 cents lower at $6.10 3/4.

Wheat futures closed lower on Wednesday. The market remained on the defensive today, pressured by forecasts for weekend rain in the Plains and news that Iraq had cancelled a previous purchase of U.S. wheat. CBOT May was 1/2 of a cent lower to close at $3.62. KCBT May was 2 1/2 cents lower at $4.21 1/4. MGE May was down 2 3/4 cents at $4.11 1/2.

Cattle futures were mixed on the close Wednesday, rebounding from early lows to finish mostly higher. The cattle market continues to struggle under the weight of bearish fundamentals but the reversal action provides a signal that a near-term bottom is finally in place. April cattle were down 10 points at $83.00. June gained 20 points to close at $78.75.

Lean hog futures closed mixed on Wednesday, but most contracts ended higher. Short-covering was supportive following the big break in prices on Tuesday. The big collapse yesterday took nearby prices down well below the settlement index. April closed 43 cents higher at $58.15 and June was down 15 cents at $66.48.