Corn futures were mostly lower on Wednesday, although the nearby contract was fractionally higher on support from commercial buying. Deferreds were pressured by generally favorable crop weather and sharp losses in crude oil. Crop conditions are above average and mild weather should help the crop during pollination. September was 1/4 of a cent higher at $3.20 3/4 while December was 2 1/4 cents lower at $3.40 1/2.



Soybean futures closed mostly lower on Wednesday. The August contract rebounded into the close on tight old-crop stocks and strong export demand. However, deferred contracts were pressured by favorable crop weather and weakness in outside markets. Crude oil posted strong losses while the dollar index was higher. August ended 3 cents higher at $10.57 1/2 while November was 11 cents lower at $9.16.



Wheat futures settled lower on Wednesday. Weakness in outside markets and strength in the dollar pressured prices. Wheat fundamentals are also bearish as global wheat supplies are ample and demand for U.S. wheat is sluggish. The Wheat Quality Council's spring wheat tour has so far found better than expected yield potential. CBOT Sep ended 4 3/4 cents lower at $5.11 1/2, KCBT Sep was 3 1/2 cents lower at $5.46 1/2 and MGE Sep ended 2 1/4 cents lower at $5.98 1/4.



Cattle futures closed strongly lower on Wednesday. The bearish influence of outside markets weighed on futures as the dollar was higher and the stock market lower. There is also concern that wholesale beef prices are near a peak. At midday, choice cutouts were down 16 cents. Cash trade has yet to develop, although smaller showlists are expected to help price at least hold steady this week. August ended 98 cents lower at $83.95 and October was $1.33 lower at $89.25.



Lean hog futures ended mixed on Wednesday. Several contracts hit new lows again today before a short-covering rally helped the market recover from technically oversold conditions. Fundamental news remains bearish as pork cutouts were down $2.11 on Tuesday and reports that several packers will slow slaughter schedules later this week and/or early next week. August was 10 cents lower at $56.75 while October was 40 cents higher at $53.10.