Corn futures ended moderately lower on Wednesday. The market was pressured by forecasts for generally favorable weather and some private crop production forecasts calling for record corn yields. Temperatures are expected to increase through the weekend, this should help the corn crop with the below normal maturity, although it could hamper some of the late crop that is still pollinating. September closed 7 1/2 cents lower at $3.47 and December was 8 3/4 cents lower at $3.57.



Soybean futures settled with gains on Wednesday after a volatile trading session. Futures traded both sides before closing firm. A larger than expected private soybean production estimate temporarily pressured prices, but the market turned higher as weather premium was added into the market. August weather is critical for soybean yields and hotter weather through the weekend threatens to hurt yields as the crop is setting pods. September ended 4 1/2 cents higher at $10.88 and November closed 13 1/2 cents higher at $10.45.



Wheat futures posted strong losses on Wednesday. Spillover pressure from corn and ample wheat supplies globally weighed on the wheat market. Export demand remains sluggish despite the dollar falling to the lowest level of the year as competition for exports remains strong. The market is also being pressured by expectations for a large spring wheat crop. CBOT Sep closed 13 1/2 cents lower at $5.28 3/4, KCBT Sep was 12 3/4 cents lower at $5.60 1/4 and MGE Sep ended 13 cents lower at $6.07.

Cattle futures ended mostly higher on Wednesday after trading lower most of the morning. Short-covering developed after early pressure from the premium of futures to cash and spillover selling from the hog pit. The futures market was able to rally despite further weakness in wholesale beef prices, which were down $1.65 at midday. August ended 5 cents lower at $84.03 and October was 10 cents higher at $89.83.



Lean hog futures ended mostly lower on Wednesday, with contracts for 2010 posting very strong losses. All months posted contract lows and the August contract hit the lowest level for a nearby contract since November 2007 before short-covering helped limit losses in the 2009 contracts. Deeper deferreds contract were hit by concern of increased cases of the H1N1 virus, also known as the swine flu, which could hurt the pork export market. August was 63 cents lower at $53.35 while April 2010 ended $2.23 lower at $58.33.