Grains closed lower on Friday

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Corn futures closed lower on Friday. Corn futures added to midday losses on bearish projections for 2013 yields and production output numbers. Private economics firm, Informa Economics raised its corn production estimate to 11.194 billion bushels, higher than USDA‘s estimate of 10.727 billion bushels. Seasonal harvest pressure weighed on the market as well. December corn closed 9 ½ cents lower.

Soybean futures closed mostly lower on Friday. After trading higher overnight, futures began to slip after midday on better than expected production and yield estimates. One private economics firm has pegged soybean production at 2.86 billion bushels, up from USDA’s estimate of 2.759 billion bushels. Overall, the market was underpinned by firm demand, gains in the palm oil market and substantial weather damage to the Canadian canola crop. November soybeans closed unchanged at $15.15 ½.

Wheat futures closed lower on Friday. Wheat futures were under pressure the entire session today, unable to find a reason to move higher. Chicago led the complex lower with a 1.4% decline in the December contract. Today’s losses were tied to poor demand for U.S. wheat and the decline in the corn market. December wheat at CBOT closed 13 ¾ cents lower; at KCBT 8 cents lower; and 6 ¾ cents lower at MGE.

Live cattle futures closed higher on Friday. Nearby cattle futures closed higher while 2013 contracts closed under pressure. Priced support was tied to short covering on Thursday’s higher cash prices.The market was also supported by firm export sales, up 61 percent from the previous week. However, weakness in (midday) wholesale beef prices are expected to pressure futures when trade resumes next week. October cattle closed 73 cents higher while December cattle closed 50 cents higher.

Lean hog futures closed mixed on Friday. October futures were pressured by lower cash prices and long liquidation. Traders exited long positions in the front month contract before its expiration next week, and as a result deferred contracts moved higher on bear spreading. Packer margins and demand remained firm which helped to underpin market prices along with strength in the pork cutout value. October closed down 48 cents while December closed 50 cents higher.

Cotton futures closed lower on Friday. Cotton futures were stuck in a narrow trading range with the front month (December) contract unable to push above 72 cents. The market was pressured the higher index amid record global stocks and overwhelmingly bearish fundamentals. The outside markets were mostly bearish for cotton as well. December cotton closed 59 points lower at 71.50 cents.

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