Corn futures closed lower on Friday. Technical selling and bearish fundamentals weighed on the market today and for the week. Futures have slipped below technical support. Fundamentally, old-crop supplies are large and recent rainfall has helped improve soil moisture levels ahead of planting. May closed 3 cents lower at $2.21 1/2 and December ended 2 1/2 cents lower at $2.53 1/4.



Soybean futures closed mixed on Friday. Most contracts posted small gains in consolidation type trade after falling to the lowest level since mid January on Thursday. Funds were active on the buy side today, but the action was tempered by bearish fundamentals. May ended 1/4 of a cent higher at $5.76 1/2 and November ended 3/4 of a cent higher at $6.05 1/4.



Wheat futures were higher on the close Friday. The market bounced today after declining from Monday through Thursday. Long-range forecasts from the National Weather Service calling for below-average precipitation in the Plains this spring sparked the rebound. CBOT May was up 4 3/4 cents at $3.57 1/2. KCBT May was 7 3/4 cents higher at $4.21 1/2 and MGE May was up 3 3/4 cents at $4.06 1/4.



Cattle futures closed lower on Friday. The June contract fell to new lows after struggling to find a bottom through much of the week. The market absorbed news of another BSE case pretty well this week, but declining boxed beef cutout values kept futures on the defensive. April cattle were down 40 points at $83.40. June fell 67 points to close at $77.87. March feeder cattle fell 32 points to close at $104.47.



Lean hog futures closed higher on Friday due in large part to some end-of-week profit taking. This week, futures declined about $1.50 or more in most months. Even with no real improvement in cash bids or market fundamentals, traders closed out short positions in light trading. April ended 68 cents higher at $59.10 and June ended 35 cents higher at $67.03.