DES MOINES, Iowa (Agriculture.com)--It was a real setback day for all CME Group farm markets Wednesday.

Soybeans were pressured by profit-taking, corn felt the weight of the upcoming expected bearish USDA Report Friday, and favorable wheat weather pushed that market lower.

The May futures corn contract settled 20 cents lower at $6.88. The May soybean futures contract finished 1 cent lower at $14.66. May wheat futures closed 22 cents lower at $6.83 per bushel. The May soyoil futures contract finished $0.13 higher at $50.26. The May soymeal futures finished $0.60 per short ton lower at $435.30. 

In the outside markets, the NYMEX crude oil is $0.36 per barrel lower, the dollar is higher and the Dow Jones Industrials are 41 points higher.