Corn futures were several cents lower Friday, pressured by follow through selling pressure after a negative market performance Thursday. USDA cut the corn production forecast by 160 million bushels Thursday but the steep price jump ahead of the report had fully discounted the fundamental news. December corn was down 6 3/4 cents at $3.43 1/4 and the March 07 contract closed 6 1/2 cents lower at $3.59 1/2.



Soybean futures were down 5 to 7 cents on spillover selling from weakness in corn and fundamental pressure after USDA raised projected ending stocks by 10 million bushels Thursday. Despite the late week setback, the market has not yet violated an uptrend line on the charts dating back to early October. The January futures contract was down 7 cents at $6.62 1/2 and March fell 6 3/4 cents to close at $6.74 1/2.



Wheat futures closed a few cents lower 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. Chicago December wheat was down 7 1/2 cents at $4.80 1/2. KCBT December closed 6 cents lower at $5.08 3/4. MGE December wheat was 3 3/4 cents lower at $4.97 1/4.



Cattle futures dipped to a lower close Friday. Early expectations for cash cattle to nudge upward to $87 failed to develop and light cleanup trade occurred at $86, steady compared to Wednesday but down $3 from last week. The December cattle futures contract was down 17 points at $85.70 and February closed 35 points lower at $88.75. November feeder cattle fell 167 points to close at $98.80.



Lean hog futures were down rather sharply on Friday pressured by lower cash prices and declining pork cutout values. The steep decline Friday leaves a potential top on the futures charts at the mid week highs. The December futures contract knifed through light chart support at $63.75 to close down 172 points at $62.97. February was 115 points lower at $66.75.