Corn futures closed lower on Friday. Strength in the dollar, lower crude oil prices and continued concerns about the global economy led to fund selling in the corn market. The market was choppy at times today as summer weather and acreage uncertainty provided support. Technical weakness and outside market pressure kept the corn market on the defensive. July closed 10 1/2 cents lower at $6.70 and December was 14 cents lower at $6.32.
Soybean futures traded mixed on Friday. The spot July contract closed slightly higher as traders were in consolidation mode at the end of the week. Deferred contracts closed lower on generally favorable weather for crop develop and outside market weakness. The dollar index was higher today while crude oil and the stock market were lower. Losses were limited by USDA reporting the sale of 120,000 tonnes of U.S. Soybeans to China for the 2011/12 marketing year. July closed 2 1/2 cents higher at $13.20 1/4 while November was 8 cents lower at $13.09 1/4.
Wheat futures were solidly lower on Friday. Strength in the dollar, seasonal harvest pressure and spillover pressure from corn weighed on the wheat markets. Reports of improved crop prospects globally remains a bearish factor. The CBOT has traded lower for the fourth straight week, in which time prices have fallen nearly 25%. CBOT July ended 13 1/4 cents lower at $6.35 3/4, KCBT July ended 11 1/2 cents lower at $7.48 1/2 and MGE July fell 18 cents to $8.26.
Cattle futures closed higher on Friday. The market traded lower this morning, but rebounded into the close on reports of higher cash trade. Cattle in the Plains reported traded at $112, up $3-$4 from last week. Boxed beef prices were firm again at midday and packer margins remain strong. Further gains were limited by weakness int eh stock market and concern that beef prices will slip once wholesale buying for July Fourth is complete. July is 23 cents higher at $112.95 and October is 10 cents higher at $118.95.
Lean hog futures were mixed on Friday. Choppy trade was noted on positioning ahead of the quarterly Hogs and Pigs report due out after the close. Pork prices were record high on Thursday, but front end contracts were pressured by ideas that pork prices could decline next week as wholesale demand for the July Fourth holiday is complete. July closed $1.00 lower at $96.00 and August was 70 cents lower at $95.20.