Corn futures were mostly lower Friday. While prices dipped today, they were still higher for the week with Dec gaining 13 1/2 cents. Fund buying returned to the market this week especially during Thursday's rally. Basis was steady to firm in most locations as the slow start to harvest delayed the transition to new crop. December closed 2 cents lower at $2.55 1/4. March settled 1 1/2 cents lower at $2.68 1/2.

Soybean futures settled lower on Friday. Profit-taking weighed on the market, which gave back the strong gains posted on Thursday. Weakness in crude oil weighed on soybean oil, which also contributed to the weakness in soybeans. November futures settled 8 3/4 cents lower at $5.49 1/4. January closed 9 1/4 cents lower at $5.62 1/4.



Wheat futures dipped to a lower close Friday. Profit-taking weighed on the market although solid gains were posted for the week. Support came from more cuts to Australia and Argentina's wheat crop estimates and optimism that Iraq will buy U.S. wheat as officials are currently visiting the U.S. CBOT Dec was 2 1/2 cents lower at $4.19. KCBT Dec fell 2 3/4 cents to close at $4.81 1/2. MGE Dec was down 4 1/2 cents at $4.61.



Cattle futures closed higher on Friday after a late short-covering wave pulled prices higher. Positioning ahead of the Cattle on Feed report helped prompt the rally after prices were lower most of the day due to declining beef prices and ideas of weaker cash trade this week. October ended 35 cents higher at $90.10 and December was up 45 cents at $89.80.



Lean hog futures were down hard again on Friday with the December contract falling to the lowest level in more than six weeks. Weaker cash prices continue to pressure futures, but fund selling and profit taking are also factors in the steep downturn. October closed $1.20 lower at $62.65 and the December contract closed 85 cents lower at $60.30.