Corn futures closed lower on Friday. Profit-taking from the recent rally and forecasts for some much needed drier weather next week in the eastern Corn Belt pressured prices. While rain is currently moving through the eastern Midwest, there should be some opportunity for planting progress next week if weather forecasts verify. July closed 11 cents lower at $4.17 1/4 and December was 10 3/4 cents lower at $4.38 1/2.



Soybean futures posted strong losses on Friday. After hitting 7 month highs earlier this week, futures turned lower on profit-taking and improved weather forecast for the eastern Midwest next week. After the rain system currently moving through the eastern Midwest, forecasts look mostly open most for next week, which should help planting progress. July ended 17 cents lower at $11.30 1/2 and November was 16 1/4 cents lower at $9.75 3/4.



Wheat futures were solidly lower on Friday. The market was pressured by spillover weakness from corn and soybeans, sluggish export demand and large global supplies of wheat. Losses were also attributed to profit-taking following the strong runup the past few weeks. CBOT July was 15 3/4 cents lower at $5.77 1/2, KCBT July ended 13 1/4 cents lower at $6.30 1/2 and MGE July closed 20 1/2 cents lower at $7.05 1/4.



Cattle futures turned lower on Friday. The market was pressured by technical selling and the stock market turning lower. Cash trade was firm this week at mostly $85, but there remains concern about beef demand due to the struggling economy. Boxed beef prices may be topping as Memorial Day orders should be filled by early next week. At midday, choice cutout prices were down 14 cents. June fell 43 cents to $82.38 and August closed 33 cents lower at $82.53.



Lean hog futures settled mostly lower on Friday. Expectations that the cash market will turn lower next week weighed on futures. Packer demand has been strong and cash prices have risen recently, but margins are negative as cutouts have not rallied as much as the cash market. Short-covering has helped limit losses following the mid-week setback. June closed 48 cents lower at $66.53 and October ended 68 cents lower at $63.50.