Corn futures finished lower Wednesday. Strength in the dollar and profit-taking following the early rally in corn pushed futures lower. Losses were limited by gains in crude oil and a reduction in the new-crop yield forecast of 2 bushels per acre to 153.4 bushels. Also supportive was a cut in the new-crop ending stocks estimate of 55 million bushels to 1.059 billion. Corn for feed use was dropped 100 million. July was 8 1/4 cents lower at $4.35 3/4 and December was also 8 1/4 cents lower at $4.58.



Soybean futures settled higher Wednesday, but were limited by pressure from outside markets. Forecasts for tight stocks were supportive, with 2008/09 ending stocks only expected to be 110 million bushels, the lowest since 1977. New-crop stocks are expected to increase a bit to 210 million bushels. Wet conditions in the U.S. Midwest continue to slow planting. July was 2 1/2 cents higher at $12.46 and November was 6 3/4 cents higher at $10.79 1/4.



Wheat futures closed lower Wednesday. Prices fell as forecasts for increased ending stocks estimates at the U.S. and world levels in 2009/10 weighed on futures. Lower feed use contributed to an increase to U.S. ending stocks of 647 million. New-crop world stocks were raised nearly 1 million tonnes to 182.65 million tonnes. CBOT July was 17 3/4 cents lower at $5.96, KCBT was 17 1/2 cents lower at $6.48 and MGE was 16 1/2 cents lower at $7.26 1/2.

Cattle futures finished lower Wednesday. Selling pressure came from strength in the dollar. Cash trade is expected to be steady to lower with last week's trade at $82 in the southern Plains. Lower beef prices this morning added to weakness. Losses were limited by favorable estimates in the monthly Supply/Demand report, which showed an increase in the 2009 export forecast to 1,744 million pounds. June was 43 cents lower at $79.75 and August was 90 cents lower at $80.83.



Lean hog futures settled lower Wednesday, with the fall 2009 contracts selling heavily and sinking to new lows. Weakness in the cash market and the stronger dollar weighed on the market. Talk that the swine flu outbreak might not be over and could resurface in the fall sent futures tumbling as the public continues to take out their fears on pork products. July was 28 cents lower at $57.08 and October was $2.15 lower at $57.63.