Corn futures were lower on Wednesday as late session selling pressure saw prices score new lows into the close. The May contract settled at 2.25 1/2, down 3 cents. The December contract closed down 3/4 of a cent, at 2.46 3/4. News that South Korea bought 6.2 million bushels of corn from China overnight will be seen as a negative factor, but less aggressive fund buying was the main reason prices ended lower.



Soybean futures were a few cents lower on the close Wednesday after a volatile trading session. May soybeans closed 7 1/2 cents lower at $6.73 1/2 while new crop November was down 8 1/2 cents at $6.35 1/2. Argentina boosted their estimate for soybean production to 37.5 mmt while Brazilian estimates are in the range of 51-54 mmt, down about 10 million from just over a month ago.



Wheat futures were lower Wednesday as the market finally ran into some profit taking following the recent surge higher. Chicago May wheat was down 7 cents at $3.61. KCBT May fell 8 cents to close at $3.63 1/2. MGE May wheat was down 6 cents at $3.68 1/2. Wheat futures were due for a pullback after the recent sharp gains, and with soybeans trading lower, wheat followed.



Cattle futures recovered from a morning sell-off to post a mixed close Wednesday. April futures finished 7 points lower at $89.67. June futures climbed 32 points to close at $86.20. The market ran into selling pressure amid ideas that beef prices are nearing a top and concerns that the USDA Cattle on Feed report Friday will show larger cattle supplies ahead.



Lean hog futures posted big gains on Wednesday despite at best steady cash prices. The June contract was up the $2 daily limit at one point during the session but closes $1.60 higher at $80.65. April hogs gained 70 cents to close at $71.28. Cash prices have plunged $10.00 or more over the last week or two. While cutouts haven't changed much, sharply lower cash bids have shifted packer margins to the plus side. This was evident in more stabile cash bids and higher futures on Wednesday.