Corn futures were steady to a penny lower on Wednesday. The recent pullback in prices has sparked some buying interest from importers. However, trade activity was relatively quiet todaycompared to the swings earlier this week. May futures closed a penny lower at $2.22 1/2. December was unchanged at $2.53 3/4.



Soybean futures posted small gains on Wednesday. Gains are being attributed to a technical bounce from recent declines. Some support is also coming from several agencies lowering their production estimates for Brazil this week. May settled 1 3/4 cents higher at $5.77 and November was 2 1/4 cents higher at $6.05 1/4.



Wheat futures ended mixed on Wednesday. Early support came from news that Iraq had purchased 100,000 tonnes of U.S. hard red winter wheat. However, Chicago futures quickly turned lower amid slack export demand for soft red winter wheat. CBOT May was down 3 1/4 cents at $3.49 1/4. KCBT May was unchanged at $4.17 while MGE May gained 1 1/2 cents to close at $4.05.



Cattle futures closed lower on Wednesday. Expectations for firm cash prices in the wake of the recent snowstorm provided light early support. However, the market remains technically weak and the Cattle on Feed report due out Friday is expected to show feedlot inventories up 7%-8% from last year. April cattle were down 50 points at $82.97. June fell 67 points to close at $77.52. March feeder cattle were 47 points lower at $104.62.



Lean hog futures settled lower again on Wednesday. Speculative selling and sell stops are part of the reason for declining prices, but continued weakness in cash markets is the overriding cause. Several lean hog contracts dropped to their lowest levels in months. April closed 105 points lower at $57.20 and June fell 83 cents to $65.55.