Grain, soy futures dipped while other markets firmed Friday p.m.

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Big soy losses seemed to weigh on corn futures Friday. The soy complex dipped Thursday night, then declined farther Friday morning as traders continued reacting to news of big Chinese soy shipment cancellations. Late talk of improving weather and planting prospects reportedly sparked late selling. May corn ended the week 2.75 cents lower at $4.985/bushel, while December dropped 5.75 to $4.9925.

Talk of Chinese cancellations sent soy values lower. The markets were hit Thursday by news that Chinese buyers had recently cancelled 500,000 tonnes of U.S. and Brazilian purchases. The implied reduction in Chinese demand rather clearly depressed bean and product prices again Friday, despite early news of a big new-crop sale. May soybeans dove 19.25 cents to $14.63/bushel in late Friday trading, while May soyoil fell 0.40 cents to 42.10 cents/pound, and May soymeal sank $6.6 to 472.9/ton.

Weather forecasts may have affected the wheat markets. Although current precipitation forecasts don’t seem all that substantial, late-week improvements in the moisture outlook seemed to weigh on the winter wheat markets Friday. Futures firmed around midsession, but ended the day weakly. May CBOT wheat futures settled down 2.0 cents at $6.6025/bushel Friday afternoon, while May KCBT wheat futures sagged 3.0 cents to $7.195, while May MWE futures added 0.75 cents to $7.0175.

Talk of steady cash quotes boosted cattle futures Friday. Ongoing wholesale losses seemingly presaged a drop in cash cattle prices this week, thereby depressing CME futures. However, the Chicago market turned higher in response to news of a few cattle trading at steady prices this morning. June cattle futures climbed 0.57 cents to 135.77 cents/pound in late Friday action, while December skidded 0.22 to 140.17. Meanwhile, May feeder cattle advanced 0.40 cents to 180.07 cents/pound, and August jumped 0.55 to 182.47.

Wholesale strength seemingly supported hog futures. Cash hog and pork quotes fell sharply Thursday afternoon, which weighed heavily upon CME futures in early-Friday CME trading. And yet, the midday pork quote indicated a modest morning rise, which, along with reports of modest cash slippage, apparently encouraged buying in Chicago. June hog futures edged up 0.07 cents to 121.22 cents/pound at their Friday close, while December ran up 0.80 to 89.45.

Cotton futures firmed on short-covering Friday afternoon. The cotton market apparently suffered from Thursday’s bearish export sales report and concurrent equity weakness through much of Friday’s ICE session. However, prices rebounded late in the day, which probably reflected pre-weekend short-covering and technical buying. May cotton closed unchanged at 89.02 cents/pound as trading concluded Friday, while December cotton rallied 0.63 to 81.47.

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