Corn futures closed strongly lower on Friday. Profit-taking from the rally on Thursday weighed on the futures market. Corn planting progress has been strong this week and last week and now some favorable rainfall is moving through the Midwest. So far this spring the pace of planting and weather has been bearish. May ended 9 1/4 cents lower at $3.53 and July was 10 1/2 cents lower at $3.61.
Soybean futures traded lower on Friday. The market was pressured by profit-taking on recent gains. While export demand remains solid, there remains concern that China could cancel some export commitments in favorable of South American supplies. Record crops are being harvested in Brazil and Argentina. May closed 4 1/4 cents lower at $10.00 and July was 5 cents lower at $10.10.
Wheat futures settled lower on Friday. The market gave back some of the gains from Thursday. Futures pushed above technical resistance yesterday, but weak fundamentals remains a weight on prices. Export demand remains sluggish while winter wheat crop conditions remain strong. Also, spring wheat planting progress has been favorable. CBOT May closed 5 1/4 cents lower at $4.93 1/4, KCBT May was 4 1/2 cents lower at $5.05 3/4 and MGE May ended 2 cents lower at $5.26 3/4.
Cattle futures closed lower on Friday. Profit-taking weighed on futures after the June contract posted a five-week high in overnight trade. Cattle trade so far this week is generally steady with last week. Firm boxed beef prices at midday helped limited losses with choice cutouts up 92 cents. Futures action was also limited by positioning ahead of the Cattle on Feed report that was due out Friday afternoon. June ended 78 cents lower at $94.83 and August was 60 cents lower at $93.50.
Lean hog futures ended strongly lower on Friday. After recent gains, futures turned lower on profit-taking that triggered sell-stops which extended the losses. Cash fundamentals are mostly bullish as pork cutouts were up $2.27 on Thursday and packer margins are favorable. However, cash bids were mostly steady in slow trading heading into the weekend. June closed $1.78 lower at $85.18 and July was $1.35 lower at $85.95.