Corn futures closed slightly lower today. The market traded higher most of the day on spillover support from soybeans. However, once the technical buying lost its momentum futures fell. Deliveries were heavy against the March contract. May fell 1/4 of a cent to $2.19.



Soybean futures resumed their uptrend today. Commodity funds returned to the buy side on continued concern about the dry weather in southern Brazil and parts of Argentina. Private production estimates for Brazil are headed south. May closed 14 cents lower at $6.27 1/4.



Wheat futures held onto small gains at the close Wednesday but finished near the low end of the day's trading range. The wheat market continues its roller coaster ride in chase of the volatile soybean market. CBOT May was 2 1/4 cents higher at $3.40 1/2. KCBT May gained 3/4 of a cent to close at $3.51 1/2. MGE May was up 1 1/2 cents at $3.60 1/4.



Cattle futures were higher on the close Wednesday on news that a Montana judge has delayed the USDA proposal that would have allowed Canadian cattle imports to resume on March 7. April futures climbed 30 points to close at $86.80.



Lean hog futures closed lower in see-saw trading on Wednesday. Late in the day news came of the injunction on Canadian cattle import. Demand for pork has to improve a lot, or pork production has to fall for cash prices to reach levels currently indicated by deferred futures. The April contract lost 60 cents to close at $74.65.