Favorable weather continues weighing upon corn futures Friday. Widespread rainfall is falling on the eastern Corn Belt today and precipitation is expected both next week and the week after. Thus, it looks like the corn crop will finish well, thereby potentially boosting yields. September corn slumped 6.25 cents to $3.5325/bushel late Friday morning, while December dipped 6.75 to $3.645.

Tight old-crop supplies are supporting the soy complex. Talk of strong Chinese bean imports offered fresh support for old-crop bean and soymeal prices Thursday night, with bulls also reportedly keying upon expectations for a low 2013/14 carryout on next Tuesday’s WASDE report. Those considerations are also offsetting weather-driven selling in new crop futures. September soybean futures climbed 5.5 cents to $11.0475/bushel around midsession Friday, while November futures skidded 0.75 cent to $10.7725. September soyoil dropped 0.34 cents to 35.36 cents/pound, whereas September soymeal edged up $2.9 to $367.0/ton.

The wheat markets are sustaining Thursday’s slide. The prospect of good growing weather for the spring wheat crop seems to be weighing upon the golden grain markets. Traders may also be exiting positions prior to the weekend, since big USDA crop reports are looming next Tuesday. Concerns about Russian adventurism in Ukraine seem muted at this point, but that may change before the day ends. September CBOT wheat fell 12.0 cent to $5.495/bushel just before lunchtime Friday, while September KC wheat tumbled 16.25 cents to $6.30/bushel, and September MWE wheat sank 13.0 to $6.215.

Weak Nebraska 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 fell even farther yesterday, which probably explains the follow-through dive posted this morning. October live cattle plummeted the daily 3.00-cent limit to 150.00 cents/pound, while December futures plunged 2.52 cents to 150.70 in late Friday morning trading. Meanwhile, September and November feeder futures posted respective 3.00-cent crashes to 214.72 cents/pound and 212.60 cents/pound.

Hog futures have recovered from early lows. 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 have rebounded from the early lows, with technical and pragmatic factors likely playing significant roles in the bounce. October hog futures fell 0.40 cents to 99.85 cents/pound as the lunch hour loomed Friday, while December tumbled 1.72 cents to 90.10.