Corn futures closed lower on Friday. Gains from midday were reversed as deferred contracts began to slide. The December contract traded below $5 per bushel for the first time in 17 months. As concerns over the EU debt crisis deepens, investors unloaded risky assets, thus adding more pressure to corn prices. The announcement of a 300,000 ton corn sale to an undisclosed buyer had little effect on prices. July was 6 1/2 cents lower at $5.81 and December was 2 cents lower at $5.05 1/4.
Soybean futures closed strongly lower on Friday. Continued worries from EU debt crisis along with declining crude oil prices weighed on prices. Gains were reversed from yesterday’s mostly bullish USDA Supply/Demand report. Strong export sales continue to be a bullish factor for soybeans, but did not lend much support to declining prices. Today, private exporters reported sales of 139,500 tonnes of US soybeans to an undisclosed buyer. July was 49 1/4 cents lower at $14.06 and November was 37 3/4 cents lower at $13.21 1/4.
Wheat futures closed lower on Friday. Spillover pressure from corn and soybean markets weighed prices down. Wheat futures continued to struggle today as investors looked to sell off risky assets as the EU debt crisis worsens. Favorable weather and increases in the ending stocks for wheat were bearish. CBOT July was 4 1/4 cents lower at $5.97; KCBT July was 7 1/2 cents lower at $6.10; and MGE July was 1 cent lower at $7.26 1/4.
Cattle futures closed lower on Friday. Cattle futures tumbled as wholesale beef prices dampened expectations for firm beef demands. Boxed beef prices improved from yesterday’s decline but still remained weak. Minimal movement in the cash cattle markets today. Reported prices in South were around $122 and $195 in the North. June cattle futures are 72 cents lower at $115.15 and August was 97 cents lower at $117.70.
Lean hogs closed higher on Friday. Hogs futures traded up as demand for pork products was renewed. Pork cutout values were up which supported prices. Spillover pressure from the corn and cattle markets were not enough to limit gains. Positive packer margins and pork exports added additional strength to prices. June was 75 cents higher at $85.3 and July was 43 cents higher at $85.15.