Corn futures settled lower on Thursday. Technical selling and bearish underlying fundamentals weighed on futures. Weekly export sales were at the low end of trade expectations. Spillover weakness from soybeans and wheat contributed to the losses. March fell 3 cents to close at $1.95 3/4.



Soybean futures closed lower today. The market was pressured by weekly export sales falling to the low end of trade expectations and 40% below the 4-week average. Also, Census Crush of 150 million bushels was about 1 million below trade expectations. March closed 7 1/4 cents lower at $5.15 3/4.



Wheat futures slumped to new contract lows today. Losses were attributed mounting competition in the global market. In the last few weeks, Argentina has led the world market lower by cutting prices to win additional market share. CBOT Mar ended 5 3/4 cents lower at $2.89 1/2. KCBT Mar fell 6 cents to close at $3.23 while MGE Mar was down 4 1/4 cents at $3.36 1/4.



Cattle futures rebounded from early weakness to post modest gains at the close Thursday. Support was linked to a report that the cattlemen's organization R-CALF plans to ask for a preliminary court injunction early next week to halt USDA's proposal to allow Canadian cattle imports. February futures closed 12 points higher at $89.25.



Lean hog futures declined again on Thursday. Trading was light again on Thursday and characterized by technical selling. Generally steady to weak cash hogs prices also factored into Thursday's futures activity. February was down 38 cents to close at $74.20.