Corn futures were lower on Friday. Profit-taking ahead of the weekend and updated forecasts that showed less rain in some areas of the Corn Belt that are already behind on planting pressured prices. Funds were heavy sellers despite underlying support from a weaker dollar, higher crude oil prices and the rally in equities. May ended 4 cents lower at $3.77 and December closed 4 3/4 cents lower at $4.06 3/4.



Soybean futures closed higher on Friday. Strong demand from China for U.S. soybeans, strength in the stock market and weakness in the dollar were supportive factors. Soybean oil also helped the soy complex as it followed crude oil higher. Ideas that corn planting progress was strong this week helped weigh on corn and support new-crop soybeans as less acreage will be at risk of being switched to soybeans if corn planting delays continue. May settled 2 1/2 cents higher at $10.40 1/4 and November ended 9 3/4 cents higher at $9.33 1/4.



Wheat futures settled mixed on Friday. Winter wheat markets were pulled higher by spillover strength from soybeans and outside markets. The dollar was weak today, which should help stimulate export demand. The MGE turned lower on profit-taking despite forecasts calling for more rain in the northern Plains that will further delay spring wheat planting progress. CBOT May closed 3 cents higher at $5.32 1/4, KCBT May ended 2 cents higher at $5.86 while MGE May fell 4 cents to $6.65.



Cattle futures traded lower on Friday. The market was pressured by the weakness in the beef market. Boxed beef prices turned lower on Thursday for the first time in weeks and were lower again at midday Friday. Choice cutouts fell $1.39 and Select cutouts were down $1.01. The June contract closed 88 cents lower at $82.83 and August was 70 cents lower at $82.98.



Lean hog futures closed lower on Friday after trading higher most of the session. There was no clear cause for the late session collapse, but some traders apparently decided to close out positions ahead of the weekend. Futures prices are generally in a downtrend even though cash prices have been rising. June closed 88 cents lower at $82.60 and July was 53 cents lower at $72.60.