Corn futures closed lower Wednesday. The market had rallied for five consecutive sessions, but a setback in wheat futures weighed on corn prices. With technical momentum indicators pegged at extremely overbought levels, there was a sense that prices were due for some consolidation or a setback. December closed 5 1/2 cents lower at $3.15 1/2. March settled 4 cents lower at $3.25 1/4.

Soybean futures opened lower on Wednesday but were able to close higher. Gains were attributed in part to spread activity, with soybeans gaining on corn and wheat after recent strength in those markets. Soybean demand is expected to be record large, but production is also at record levels and stocks will be another new record high by the end of the marketing year. November closed 4 cents higher at $6.04 1/2 and January was 3 1/2 cents higher at $6.18.

Wheat futures were lower on the close on Wednesday. The market was pressured by technical selling following Tuesday's reversal from contract highs. The market was overbought and certainly due for a profit taking correction. The weekend rainfall in the southern Plains and light rains in Australia contributed to the selling pressure. CBOT Dec closed 18 1/2 cents lower at $5.12 1/2. KCBT Dec was down 6 cents at $5.24 1/2. MGE Dec was 14 3/4 cents lower at $5.05.

Cattle futures closed higher on Wednesday. Lower corn futures and higher boxed beef cutout values provided support. Packers have not cut the slaughter pace this week to the extent that had been expected. As a result, the market consensus seems to favor a firm tone in the cash market. December was up 52 points at $87.85. February was 42 points higher at $90.52. October feeder cattle gained 35 points to close at $107.10.

Lean hog futures ended lower on Wednesday. Declining cash hog prices and shrinking packer margins weighed on futures. Packer bids were on the defensive today following the $1.51 drop in pork cutouts on Tuesday. The discount of the December contract to the lean hog index helped prevent further weakness. December closed 48 cents lower at $59.25 and February was 55 cents lower at $61.70.