Corn futures closed mixed on Friday. Old-crop was supported by export news. In the daily reporting system, USDA reported the sales of 271,200 metric tons of corn to an “unknown destination”, which many believe is China. New-crop was pressured by strength in the dollar and weakness in the stock market. Good planting progress in the central and western Corn Belt has eased corn planting delay concerns. However, more rain in the eastern Corn Belt will slow progress in some areas. July ended 1 1/2 cents higher at $6.82 while December was 3 1/2 cents lower at $6.27.
Soybean futures ended solidly lower on Friday. Profit-taking weighed on futures ahead of the weekend. The market opened higher, but turned lower on strength in the dollar and losses in the stock market. Sluggish export demand remains a bearish market concern. China has slowed soybean purchases and took steps this week to slow inflation, which could further limit demand. July closed 13 1/4 cents lower at $13.29 1/2 and November was 15 1/2 cents lower at $13.10 3/4.
Wheat futures settled lower on Friday. The market was higher much of the session on a rebound from recent losses. But strength in the dollar and forecasts for some much needed rainfall in the Plains this weekend pushed prices lower. However, losses were limited by the poor winter wheat condition ratings in the southern and western Plains and spring wheat planting delays in the northern Plains. CBOT July closed 7 3/4 cents lower at $7.27 3/4, KCBT July was 6 3/4 cents lower at $8.69 1/2 and MGE July ended 4 1/2 cents lower at $9.00 1/4.
Cattle futures closed lower on Friday. Lower beef prices and outside markets pressured the market. Choice boxed beef prices were down $2.41 on Thursday, hitting the lowest level since March 7. Cash trade was down about $3 from last week at mostly $112. Weakness in the stock market today was a bearish indicator for domestic demand and strength in the dollar is negative for the export market. June ended 85 cents lower at $109.00 and August was 88 cents lower at $110.55.
Lean hog futures were mixed on Friday. Firm pork prices and strength in the cash market was supportive for the June contract. Pork cutouts were up $2.64 on Thursday. The improved packer margins and tightening supplies of market ready hogs helped cash market firm this week. But deferreds were mixed with some contracts lower on profit-taking ahead of the weekend. June closed 35 cents higher at $94.55 while July was 30 cents lower at $93.85.