Corn futures are several cents lower Friday morning, pressured by follow through selling pressure after a negative market performance Thursday even through USDA lowered the production forecast. The strong uptrend since mid September is still intact but Wednesday's high established a near term top. December corn is down 7 cents at $3.43 and the March 07 contract is 7 3/4 cents lower at $3.58 1/4.



Soybean futures are down 7 to 9 cents on spillover selling from weakness in corn and fundamental pressure following an upward revision in USDA's production forecast Thursday morning. Despite the current setback, the market has not yet violated an uptrend line on the charts dating back to early October. The January futures contract is down 8 cents at $6.61 1/2 and March is 8 1/4 cents lower at $6.73.



Wheat futures are lower at mid morning Friday pressured by speculative long liquidation after negative chart action Thursday. Kansas City December futures fell below chart support at $5.11 to trade at the lowest level since early October. The Chicago December contract is down 7 cents at $4.81. Kansas City December is 7 1/4 cents lower at $5.07 1/2. Minneapolis December is 7 cents lower at $4.94.



Cattle futures range from 10 to 42 points higher at Friday morning finding technical support after establishing a mid week reversal low. Expectations for cash markets to trade a dollar higher at $87 are lending fundamental support. December cattle futures are 42 points higher at $86.30 while the February contract is up 25 points at $89.35.



Lean hog futures gapped lower on the opening and are down 105 to 145 points at mid morning Friday. The December futures contract has broken chart support at $63.75 and is down 145 points at $63.25. February is also 145 points lower at $66.45.Cash prices range from steady to mostly a dollar lower Friday morning and pork cutout values are under downward pressure.