Corn futures ended lower on Wednesday. Improved weather forecasts for Argentina and spillover weakness from soybeans weighed on prices. Feed grain stocks remain large with U.S. carryover expected to be 2.4 billion bushels and Canada's corn stocks up 8.9% from last year. March closed 2 3/4 cents lower at $2.16 and May fell 3 cents to $2.26.



Soybean futures closed strongly lower on Wednesday. Forecasts for rain showers in Argentina and technical selling pushed prices lower. Large U.S. and world oilseed stock levels remain underlying bearish factors. March ended 14 3/4 cents lower at $5.79 1/2 and May fell 14 1/2 cents to $5.92 1/4.



Wheat futures closed lower on Wednesday. The market was pressured by ideas that the U.S. may win only a small share of the pending Iraqi export tender. After climbing strongly higher the last couple of weeks, futures have faltered a bit on profit taking this week. CBOT Mar was 4 cents lower at $3.39 1/4. KCBT Mar fell 4 1/2 cents to close at $3.93 and MGE Mar was down 4 1/4 cents at $3.92 1/4.



Cattle futures were lower on Wednesday. The market ran into renewed pressure today on technical weakness. Cash prices are expected to fall another dollar or two this week after dipping about $2 last week. February closed 50 points lower at $93.05. April fell 65 points to close at $90.92. March feeder cattle were down 55 points at $109.27.



Lean hog futures closed mixed Wednesday with modest gains for nearby contracts and modest declines for deferreds. Futures traders are waiting for a signal from the cash market before deciding which direction prices are headed. April was 20 cents higher at $62.03. June closed 5 cents lower at $69.10.