Corn futures closed lower on Friday. This week's sharp rally attracted an increase in cash corn movement, which contributed to the setback today. Short-covering pulled futures back to near steady this afternoon before another round of selling just ahead of the close. December closed 2 1/2 cents lower at $3.42 1/4 and March fell 2 1/4 cents to $3.57.



Soybean futures were higher on the close Friday. Gains were small today but were strong for the week, setting new contract highs. The market has jumped more than $1 per bushel since early October despite a record harvest. Leadership from the surging corn market accounts for most of the strength. November closed 3/4 of a cent higher at $6.49 and January soybean futures settled 1 1/2 cents higher $6.62 3/4.



Wheat futures ended mixed on Friday. Short-covering late in the session pulled the market to mixed after trading lower most of the day. Since wheat futures peaked in late October, the speculative enthusiasm for the long side appears to shifting into corn and soybeans. CBOT Dec was 1 cent higher at $4.92 1/2. KCBT Dec was 1 1/2 cents lower at $5.22 1/2. MGE Dec was 1/2 cent lower at $5.03 1/2.



Cattle futures closed lower on Friday. The December contract fell for the sixth consecutive session, dropping below chart support and hitting the lowest level since mid-June. Cash cattle were down a dollar this week and early ideas favor further weakness next week as retail meat buyers focus on Thanksgiving features. December fell 85 points to close at $85.90. February was down 115 points at $88.95. November feeder cattle fell 55 points to $101.42.



Lean hog futures closed lower on Friday due to steady to weak cash prices and profit taking ahead of the weekend. Some traders are talking about hog futures forming a double top, which suggests some downside risk next week. However, the deferred contracts still look strong. The slightly lower close for June was the first decline in more than a week. December ended 43 cents lower at $64.18 and February was 55 cents lower at $67.25.