Corn futures settled lower on Friday. Weakness is being attributed to profit-taking after rallying to 10-year highs on Thursday. The market was technically overbought and due for a correction. However, market sentiment remains bullish with support this week coming from forecasts indicating a drier than normal weather pattern this summer. March ended 4 1/4 cents lower at $4.30 1/4 and December ended 7 cents lower at $4.20 3/4.



Soybean futures moved lower Friday on a round of profit-taking. The market was overbought after hitting 2 1/2 year highs yesterday. Huge supplies of soybeans and soyoil are also over-hanging the market. Losses were limited by the weekly export sales report that showed commitments at nearly 25 million bushels versus expectations of 13-20 million. March ended 5 1/2 cents lower at $7.78 1/4 and November was 7 cents lower at $8.30 3/4.



Wheat futures closed mostly lower on Friday. Profit-taking weighed on the market after the sharp gains on Wednesday and Thursday. Modest weakness in corn and soybeans and forecasts for another round of precipitation in the Plains this weekend contributed to the selling pressure. CBOT Mar was down 5 1/4 cents at $4.84 1/4. KCBT Mar was 5 cents lower at $5.06 1/2 while MGE Mar was 1 1/2 cents higher at $5.18.



Cattle futures ended mostly higher on Friday. The market was supported by steady cash prices in the southern Plains and expectations for a positive Cattle on Feed report. Cash cattle traded around $90 in Nebraska this week with a moderate volume of cattle selling at $91 in the southern Plains around midday Friday. June through December live cattle futures scored new contract highs. April was 5 points lower at $96.17. June was up 20 points to close $94.15. March feeder cattle gained 10 points to close at $99.32.



Lean hog futures were weaker on Friday, but closed well off the lows for the day. Cash prices stabilized and even improved in some markets with a few contracts even posting small gains. Price direction on Monday will probably depend on how severe the snow storm is and how soon it clears out. April closed 28 cents lower at $66.75 and June fell 55 cents to close at $76.40.