Corn futures were choppy during the session on Friday, but late selling pushed prices lower for the day. USDA reported September 1 corn stocks this morning at 1.971 billion bushels, down from 2.114 billion bushels a year ago. However, this was right in line with trade expectations and considered neutral for the market. December ended 1 3/4 cents lower at $2.62 1/2. March settled 2 1/4 cents lower at $2.75 1/4.

Soybean futures closed lower on Friday. USDA's smaller than expected September 1 stocks supported the open, but gains were short-lived. Stocks came in 32 million bushels below the average trade estimate. However, seasonal harvest pressure and the fact that carryout would still be the second largest on record weighed on prices. November settled 5 1/4 cents lower at $5.47 1/2. January was 5 3/4 cents lower at $5.61.



Wheat futures were mostly lower on the close Friday. Futures ran into profit taking today, but posted strong gains for the week. The USDA reports released this morning were slightly negative relative to market expectations. The 2006 wheat crop was estimated at 1.812 billion bushels, up 11 million bushels from the August estimate and September 1 stocks were about 30 million bushels above trade expectations. CBOT Dec was 2 1/2 cents lower at $4.43. KCBT Dec was 1/2 cent higher at $4.96. MGE Dec was down 4 cents at $4.68 3/4.



Cattle futures closed mixed on Friday. The market posted a late rebound to close mixed after a defensive trading session. Futures fell to new lows for the week this morning. However, expectations for firm cash prices Friday afternoon sparked a late rally that boosted futures to a mixed close. October was down 2 points at $90.65. December was 7 points higher at $89.85. October feeder cattle fell 32 points to close at $112.90.



Lean hog futures settled higher on Friday. Short-covering and some strength in the cash market today provided support. Position evening ahead of the Hogs and Pigs report and October's discount to the lean hog index were also supportive factors. October closed $1.07 higher at $63.62 and December was 80 cents higher at $60.85.