Corn futures closed lower on Friday. After rallying to new contract highs yesterday, the market was due for a setback. Weakness in outside markets such as crude oil and metals were negative factors. March futures settled 3 1/2 cents lower at $3.87 while December 07 was down 1 3/4 cents at $3.60 1/4.



Soybean futures ended lower on Friday as the market was unable to build on yesterday's late rally. The weak tone in corn pressured prices. Also, growing weather in Brazil is very favorable with beneficial rains covering a wide area of the soybean-growing regions. January settled 8 1/2 cents lower at $6.77. March was 8 1/4 cents lower at $6.92.



Wheat futures closed a few cents lower on Friday. Spillover weakness from corn and soybeans and beneficial snow in the southern Plains pressured the market. Several inches of snow fell in the Texas Panhandle and north central Oklahoma. CBOT Mar was down 3/4 of a cent at $5.20 3/4. KCBT Mar was 4 3/4 cents lower at $5.45 1/2. MGE Mar was down 1 1/2 cents at $5.28 1/2.



Cattle futures ended mixed on Friday. Cash cattle finally began trading at $86 around the time that futures closed Friday. The $1 to $2 decline from last week was in line with expectations today. December was 20 points lower at $85.50. February was unchanged at $89.10. January feeder cattle fell 90 points to close at $96.97.



Lean hog futures closed lower on Friday with the decline fueled by both technical and fundamental factors. Cash hog prices were mostly steady, but lower prices were reported at a few markets. Trading was light as much of the Midwest struggled with a major winter storm. February fell by 75 cents and closed at $64.43. June was down 38 cents at $74.48.