CHICAGO (Dow Jones)--Chicago Mercantile Exchange hogs settled lower Wednesday on profit taking, sell stops and Chicago Board of Trade corn that reversed Tuesday's sharp rally.

Lean hogs finished in bearish territory. February pork bellies, the only contract that traded, closed lower. Most live cattle months finished below board.

CME hog contracts earlier swung widely, buffeted by follow-through from futures' strong performance Tuesday and bullish fundamentals versus sentiment that Tuesday's market rally was overdone and technically-overbought front hog contracts.

Hog futures later began to wilt after more sellers than buyers appeared, especially when CBOT corn unraveled after initial forecasts for frost in parts of the Midwest abated.

Some prospective bullish hog traders also voiced concern about hog weights in the Iowa/Southern Minnesota region that remain up week-over-week as well as a year ago.

Spreading was common throughout the morning, which included October/December bear positioning. CBOT corn's debacle spawned spreading out of some far hog months into nearby contracts.

Cash hog prices are seen mostly steady to possibly firm Thursday as packers prep for a weekend kill estimated around 150,000 head.

Lean hog market participants will monitor late-Wednesday's pork cutout price to see if the recent uptrend in wholedsale pork prices continues.

Some hog traders may square positions Thursday in advance of the weekend, which could include short covering.

October hogs ended 97 points lower at 52.45 cents a pound, and December closed down 42 points at 51.45 cents.

February pork bellies closed 122 points lower at 86.57 cents on profit taking, sell stops and Tuesday's bearish CME weekly belly storage outcome.

Lean hogs' drawdown and February's overbought chart situation were more negative market influences.

Other belly contracts were unquoted.

Cattle Complex

CME live cattle closed mostly weak on profit taking, sell stops and loss of technical support.

Cattle futures moved erratically throughout the session. Traders tried to build in this week's potential cash cattle outcome while looking in their rearview mirrors at last week's disappointing fed cattle returns.

A few packer bids surfaced in parts of Texas and Kansas Wednesday at $83 per hundredweight versus mainly $88 asking prices. Fed cattle last week for the most part moved at $85.

Some market participants bought breaks based on late-Tuesday's boxed beef price increase. Others, however, sold into rallies motivated by uneasiness ahead of Friday's U.S. Department of Agriculture's monthly cattle-on-feed report.

Spot-October finished just below support at an 87.05-cents 10-day moving average. The contract earlier bobbed above 20-day moving average resistance at 87.43 cents.

Nearby-December closed underneath 10-day moving average support at 86.87 cents.

October live cattle closed down 25 points at 86.97 cents a pound, and December finished down 17 points at 86.65 cents.

Feeder cattle ended mixed featuring spot-September selling outright or through spreads ahead of the contract's Sept. 24 expiration.

Live cattle's weakness spilled over into the feeder cattle pit. But CBOT corn's fall helped undergird some feeder cattle months.

And, though November feeders were oversold - which at times enticed speculative buyers - spreaders also sold November and bought October.

September feeder cattle settled down 27 points at 98.27 cents, and October ended up 2 points at 98.45 cents.

-By Theopolis Waters; Dow Jones Newswires; 312-341-5778;