Corn futures turned sharply lower on Thursday. After reaching a new post harvest high this week, prices pulled back. The fund buying, which has helped propel the market higher, was lacking. Also, technical momentum indictors had climbed to overbought levels. March settled 5 1/4 cents lower at $2.11. May futures were 5 cents lower at $2.20.



Soybean futures posted double-digit losses on Thursday. Forecasts for some rain in dry areas of Argentina and Brazil pressured prices. Traders were beginning to prepare for the extended holiday weekend. The CBOT is closing at noon CT on Friday and on Monday. January closed 13 1/4 cents lower at $5.97 3/4 and March was 13 1/2 cents lower at $6.08 3/4.



Wheat futures ended lower on Thursday. Technically inspired selling and a pause in the wave of recent short covering by the funds weighed on prices. CBOT Mar was down 8 1/4 cents at $3.37 1/4. KCBT Mar fell 5 cents to close at $3.85 1/4 and MGE Mar was 4 1/2 cents lower at $3.88.



Live cattle futures were mostly lower on Thursday. Ideas that lower beef prices will cap the cash market this week weighed lightly on the market. February futures ended 15 points lower to close at $96.40. April cattle closed 13 points lower at $94.68.



Lean hog futures settled mostly higher on Thursday. Technical strength and support from yesterday's Hogs and Pigs report helped push deferred futures higher. The premium of futures to cash weighed on the front end contract. February closed 10 cents lower at $65.03. April ended 73 cents higher at $68.13.