Favorable weather depressed corn futures Friday. Widespread rainfall fell over the Corn Belt this week and precipitation is expected both next week and the week after. Thus, it looks like the corn crop will finish well, which seems quite bearish. September corn slumped 7.75 cents to $3.5175/bushel late Friday, while December dipped 7.75 to $3.635.
Tight old-crop supplies supported the soy complex. Talk of strong Chinese bean imports offered fresh support for bean and soymeal prices Friday. Bulls reportedly keyed upon expectations for a low 2013/14 carryout on next Tuesday’s WASDE report. Those considerations offset weather-driven selling in new crop futures. Weak Asian palm prices dragged oil values lower. September soybean futures climbed 14.5 cents to $11.1375/bushel as Friday’s pit session ended, while November futures rose 6.75 cent to $10.8475. September soyoil dropped 0.18 cents to 35.52 cents/pound, whereas September soymeal gained $3.8 to $367.9/ton.
The wheat markets ended the week poorly. The prospect of good growing weather for the spring wheat crop seemed to weigh upon the golden grain markets Friday. Traders may also have exited positions prior to the weekend, since big USDA crop reports are looming next Tuesday. Concerns about Russian adventurism in Ukraine seemed muted as well. September CBOT wheat fell 12.25 cents to $5.4925/bushel at their Friday close, while September KC wheat dove 17.0 cents to $6.2925/bushel, and September MWE wheat sank 15.75 to $6.1875.
Weak country trade apparently sparked another break in cattle futures. CME cattle prices plunged Thursday in response to news of weak Nebraska trading Wednesday afternoon. Western Plains cash prices subsequently fell even farther, which probably explained the follow-through Chicago dive posted Friday. October and December live cattle futures plummeted the daily 3.00-cent limit to 150.00 and 150.25 cents/pound, respectively, at their week-ending close. Meanwhile, September and November feeder futures posted respective 3.00-cent crashes to 214.72 cents/pound and 212.60 cents/pound.
Hog futures recovered from early lows in late Friday trading. Hog futures also fell sharply in early Friday action. Selling spilling over from the cattle market, as well as concerns about continued cash weakness, appeared to power the drop. However, prices rebounded from the early lows, with technical and pragmatic factors likely playing significant roles in the bounce. October hog futures settled 0.92 cents lower at 99.32 cents/pound Friday afternoon, while December tumbled 2.67 cents to 89.15.