Corn futures traded lower on Friday. The market was pressured by fund long liquidation and sluggish export demand. Uncertainty about the global economy and the Eurozone debt crisis triggered more fund long liquidation. Losses were limited by weakness in the dollar and short-covering ahead of the weekend. December closed 4 1/4 cents lower at $6.10 1/4 and March was 5 1/4 cents lower at $6.18.
Soybean futures settled unchanged to narrowly mixed on Friday. Futures were lower much of the day on spillover pressure from corn, weakness in crude oil prices and fund selling due to concern about a global recession. The market pulled to near unchanged late in the session on short-covering ahead of the weekend. January closed unchanged at $11.68 1/4 and March was 1/4 of a cent lower at $11.78 1/4.
Wheat futures were mixed on Friday. Winter wheat futures were supported by short-covering ahead of the weekend amid technically oversold levels. However, gains were limited by sluggish export demand and the bearish global supply/demand fundamental outlook. CBOT December closed 5 3/4cents higher at $5.98 1/4, KCBT December ended 2 cents higher at $6.68 1/2 while MGE December was 7 3/4 cents lower at $9.17 1/4.
Cattle futures closed lower on Friday. Weakness in the cash market, declining corn prices and positioning ahead of the Cattle on Feed report weighed on futures. Light cash trade developed in the South at @122 to $123, down $2-$3 from last week. December closed $1.30 lower at $119.70 and February was $1.83 lower at $121.78.
Lean hog futures traded higher on Friday. Short-covering and ideas that pork prices will bottom soon helped push futures higher. Ideas of continued strong export demand and weakness in the dollar index today were also supportive factors. December closed 3 cents higher at $87.48 and February was 55 cents higher at $90.98.