Corn futures closed steady to lower on Wednesday. Spillover weakness from soybeans pulled futures slightly lower into the close after trading higher much of the session. A bullish factor today was the Argentine government lowering their corn production estimate to 12.5 million to 13.8 million tonnes versus 22 million tonnes last year due to this season's drought. March ended unchanged at $3.49 1/4 and May was 1 cent lower at $3.58.

Soybean futures ended strongly lower on Wednesday. The market was choppy much of the day, but turned lower again into the close. Continued concern about the economy triggered another round of fund selling. Weather forecasts calling for improved chances of rain in Argentina over the next several days also pressured the market. March closed 15 1/2 cents lower at $8.87 1/2 and May ended 18 cents lower at $8.86 1/2.

Wheat futures settled lower on Wednesday. Speculative selling pressured the market amid the growing global economic slowdown and U.S. recession that will hurt demand for wheat. In addition, strength in the dollar today is a negative factor for exports. Losses were limited by dry conditions in the southern Plains that are threatening the HRW wheat crop. CBOT March ended 4 3/4 cents lower at $5.10 3/4, KCBT March was down 4 1/4 cents at $5.46 1/2 and MGE March closed 1/2 of a cent lower at $6.20.

Cattle futures closed strongly lower on Wednesday. Reports that fed cattle traded at $80-$81, down $2-$3 from last week, sparked the selloff in live cattle and feeder cattle futures. Continued concern about the U.S. and global recession remains a bearish factor. Boxed beef prices continue to struggle with choice cutouts down 47 cents at midsession. April ended $1.30 lower at $82.93 and June was $1.18 lower at $81.08.

Lean hog futures ended lower on Wednesday. Lackluster trade gave way to technical selling once technical support levels were broken. Spillover weakness from cattle and corn were also bearish factors. Cash hogs were mostly steady today, but some quotes were lower amid slowing buyer interest. April closed 25 cents lower at $60.80 and June ended 68 cents lower at $73.88.