Corn futures were lower on Wednesday. Favorable crop weather and strong condition ratings have led to ideas of record corn yields. The nearby contract is at the lowest level in more than seven months. Weather forecast show little weather stress over the next couple of weeks. However, the late maturing crop is vulnerable to an early freeze. September ended 3 1/2 cents lower at $3.08 and December was 2 3/4 cents lower at $3.19 1/4.

Soybean futures closed higher on Wednesday after a choppy trading session. Tight old-crop stocks provided fundamental support. However, gains were limited by mild temperatures in the Midwest that should benefit soybean conditions. Weather forecasts call for normal to below normal temperatures and rain in the Midwest over the next couple of weeks. August closed 4 cents higher at $10.18 1/2 and November was 3 cents higher at $9.08.

Wheat futures closed solidly lower on Wednesday. The market was pressured by ample global wheat supplies and sluggish export demand. In addition, some traders were selling futures following comments by the CFTC chairman that the discrepancy between futures and cash prices was "unacceptable". CBOT September closed 12 3/4 cents lower at $5.22, KCBT September closed 11 cents lower at $5.54 3/4 and MGE September settled 2 1/4 cents lower at $5.98.

Cattle futures were lower on Wednesday, led by front end contracts. Fund selling was triggered by futures' premium to cash and weak technicals. Higher boxed beef prices failed to support futures on ideas that beef prices are near a top. After strong gains on Monday and Tuesday, choice cutouts at midday Wednesday were up $1.60. August closed $1 lower at $85.03 and October was $1.33 lower at $89.80.

Lean hog futures closed lower on Wednesday. The market was initially supported by ideas that yesterday's losses were overdone. However, the premium of futures to cash put prices on the defensive again. Pork prices rallied on Tuesday by $1.24, hitting the highest level in nine months. However, traders believe that pork prices are close to a top. August ended 40 cents lower at $62.10 and October was 83 cents lower at $57.33.