Corn futures closed lower on Friday. The market was consolidating the recent gains on the lack of any fresh news. Prices are expected to drift in a sideways to lower pattern over the next few weeks to a month as the market's focus will be on the size of the crop. September closed down 2 1/2 cents at $2.25. December also settled 2 1/2 cents lower at $2.41 3/4.

Soybean futures ended lower on Friday. Speculative selling weighed on the market with November contract falling to the lowest level in the last 18 months. Bearish fundamentals are pressuring prices as good weather is bolstering the threat of a larger crop than currently forecast by USDA. September ended 8 1/2 cents lower at $5.43 and November was 8 cents lower at $5.57.



Wheat futures closed mixed on Friday. The market staged a strong morning rally but sold off from the highs to finish mixed. The major news was a report that India intends to import 2 million metric tons of wheat in addition to earlier imports of 3.5 million tons. Weakness in corn and soybeans contributed to the setback from early highs. CBOT Sep ended 3 cents higher to $3.78 1/2. KCBT Sep was down 2 3/4 cents at $4.59 1/4 and MGE Sep was down 1 cent at $4.45.



Cattle futures were mixed on the close Friday. The market surged to mid morning highs only to retreat to the daily lows about noon before recovering to post a mixed close. Declining boxed beef cutout values and anxiety about the lack of cash market activity contributed to profit-taking from the early rally. October closed 15 points lower at $92.17 while December was 32 points higher at $91.75.



Lean hog futures ended lower on Friday. Declining cash markets and profit-taking from the recent runup weighed on the market. October was expected to be supported by the discount to cash, but traders were instead liquidating long positions as open interest is record large. October ended $1.40 lower at $65.03 and December was 58 cents lower at $62.03.