Corn futures ended lower on Thursday as a round of profit taking hit the market. In addition, farmer selling picked up on the early week rally to pressure prices. March futures ended 2 3/4 cents lower at $2.15 1/5 and May closed 2 1/4 cents lower at $2.24 3/4.



Soybean futures closed strongly lower on Thursday. Technical selling weighed on the market following the recent rally to four-month highs. Cash basis levels have weakened due to increased country movement on the recent price runup. January closed 13 cents lower at $6.08 and March fell 13 3/4 cents to $6.18 1/2.



Wheat futures were lower on Thursday. News that Egypt had purchased Australian and Russian wheat while snubbing U.S. supplies sparked the selling pressure. Technical selling was also noted after the market failed to push through resistance earlier this week. CBOT Mar fell 6 1/2 cents to close at $3.39 3/4. KCBT Mar was down 5 cents at $3.85 1/2 and MGE Mar was 4 3/4 cents lower at $3.90 1/2.



Live cattle futures closed mostly lower on Thursday. The market swung in a volatile sideways range, but ended little change. Futures backed off the highs for the day on expectations for weaker cash prices and a decline in boxed beef cutout values. February was 20 points lower at $96.27. April closed 32 points lower at $94.55.



Lean hog futures closed higher on Thursday after being down for much of the day. Gains were attributed to ideas that cash hog prices will improve next week, although there were few signs of strength in the cash market today. February closed 58 cents higher at $64.63 and April ended 30 cents higher at $67.73.