Corn futures closed strongly lower on Friday. The market was pressured by forecasts for favorable crop weather over the holiday weekend and outside market weakness. Losses in crude oil and the stock market and strength in the dollar were bearish factors as traders were positioning ahead of the extended weekend and at the end-of-the-month. July ended 14 1/4 cents lower at $3.59 and December was 13 1/2 cents lower at $3.80.
Soybean futures were lower on Friday. The sell-off in corn, favorable weather for soybean planting and emergence and outside markets weighed on soybean futures. Weather forecasts call for favorable crop weather throughout the holiday weekend. Strength in the dollar and weakness in crude oil and the stock market helped extend the losses. July closed 14 cents lower at $9.37 3/4 and November ended 11 cents lower at $9.07 3/4.
Wheat futures settled lower on Friday. Early gains were unable to hold as the dollar rallied and spillover pressure from corn pushed wheat futures lower. Fundamental news remains bearish as U.S. and global wheat stocks remain large while export demand for U.S. wheat is sluggish. In a recent tender by Egypt, the business went to Russia. CBOT July ended 10 cents lower at $4.57 3/4, KCBT July closed 11 1/4 cents lower at $4.81 1/2 and MGE July was 7 3/4 cents lower at $5.06.
Cattle futures were solidly lower on Friday. In light trade volume ahead of the three day holiday weekend, futures were pressured by weakness in the cash market this week and declining beef prices. Choice cutouts were down $1.31 on Thursday and another 65 cents at midday, hitting the lowest level since early April. Weakness in the stock market and strength in the dollar also contributed to the losses in futures. June closed $1.05 lower at $90.53 and August ended $1.53 lower at $89.25.
Lean hog futures closed mixed on Friday. Firm pork prices and ideas that favorable packer margins will support the cash market next week prompted short-covering in the June contract ahead of the holiday weekend. But deferreds were mixed with some pressure being attributed to weakness in the stock market and strength in the dollar. June ended 68 cents higher at $81.85 while July was 10 cents lower at $82.60.