Corn futures continued to move lower today, falling to new contract lows. The market is suffering from the lingering effects of Wednesday's USDA reports, which boosted production, raised December 1 stocks and cut projected demand. March corn settled 1/2 of a cent lower at $2.00.



Soybean futures closed higher today after a choppy trading session. Strong weekly export sales and overnight business with China helped support the market although record supplies of soybean as of December 1 kept the market mixed on the day. March ended 2 3/4 cents higher at $5.36 1/2.



Wheat futures were higher on the close Thursday. The KCBT led the way on support from the strong cash market. Futures spent most of the day in the loss column amid concerns about the record world crop. CBOT Mar ended 1/4 of a cent higher at $3.07 1/2. KCBT Mar was up 3 cents at $3.43 1/4 and MGE Mar was 3 cents higher at $3.49.



Cattle futures were lower on the day running into a round of profit taking following this week's recent dramatic surge to contract highs. There is concern that concerns that beef prices are getting high enough to stall demand. February futures closed 87 points lower at $91.17.



Lean hog futures posted modest gains on Thursday. Prices edged higher mostly on concerns that extremely clod weather would prevent hogs from moving to plants forcing packers to raise cash bids. The February contract posted a 40 cent gain and settled at $76.20.