Corn futures settled lower on Wednesday. Weakness in crude oil and the stock market weighed on corn prices today. Even though futures were lower today, concern about possible planting delays is a bullish concern. Some spots in the Midwest are already too wet and more rain is forecast for next week. May ended 2 1/4 cents lower at $3.88 1/4 and December closed 2 cents lower at $4.18 3/4.



Soybean futures ended mixed on Wednesday. Front end contracts were supported by tight old-crop stocks and firm cash markets. The conflict between Argentine farmers and the government may lead to a farm strike, which could push additional export demand to the U.S. New-crop months were pressured lightly by profit-taking. May closed 2 cents higher at $9.15 while November fell 5 cents to close at $8.56.



Wheat futures closed sharply lower on Wednesday. Profit-taking from recent gains and news that Egypt bought wheat from Russia rather than the U.S. weighed on prices. Losses accelerated near the close by fund selling. Crop conditions in the southern Plains remain a bullish concern, but that did little to support prices today. CBOT May fell 22 1/2 cents lower to $5.30, KCBT May ended 22 1/4 cents to $5.83 and MGE May was 20 1/4 cents lower at $6.18 3/4.



Cattle futures closed lower on Wednesday. Futures were pressured by weakness in beef prices at midday and continued concern that the economic recession will limit demand for higher end beef cuts. At midday, choice cutouts were down 81 cents. While cattle supplies are tightening, heavier slaughter weights have kept choice beef supplies ample. April ended 75 cents lower at $83.55 and June fell 53 cents to $81.40.



Lean hog futures were higher on Wednesday. News that pork will not be included in Mexico's new tariffs was supportive. Mexico imports up to 35% of the meat it consumes, with a majority of that from the U.S. Front end gains were limited by weakness in the cash market. Packer margins have improved recently, but most have slaughter needs covered for the week. April was 10 cents higher at $62.25 and June was 40 cents higher at $74.48.