Corn futures ended mixed on Friday after a choppy session. Prices ended 1 to 2 cents lower for the week. We believe corn prices are near a pre-planting low. After the setback the past few weeks, the market should bounce back a bit into the Prospective Plantings report. May closed 1/2 cent lower at $2.18 3/4. December was 1/4 cent higher at $2.51 1/2.

Soybean futures ended mostly lower on Friday. An early rally attempt failed to attract any follow-through to the upside. The market is just marking time now in anticipation of the Prospective Plantings report coming out next Friday. Trade expectations for the soybean acreage number are around 75 million acres. May ended 1 cent lower at $5.73 3/4 while November was 1/4 of a cent higher at $6.03 1/4.

Wheat futures closed lower on Friday. The recent moisture along with the forecasts for more next week weighed heavily on wheat prices. Forecasts call for widespread rain and snow in the Plains next Wednesday and Thursday with amounts similar to last weekend. CBOT May was down 1 1/2 cents at $3.42 1/2. KCBT May fell 6 cents to close at $4.01 1/2 and MGE May was down 2 3/4 cents at $3.92 3/4.

Cattle futures plunged to new contract lows Friday, pressured by continuing weakness in boxed beef cutout values and speculative long liquidation ahead of the Cattle on Feed report. The report reinforced the bearish supply situation. Feedlot inventory is up 8% from last year and February placements were up 5%. April ended 80 cents lower at $82.48 and June was 65 cents lower at $76.90.

Lean hog futures closed higher on Friday thanks to short-covering ahead of the weekend. Pork cutouts were up $1.02 on Thursday, but the cash market was lower again today. The rally in futures will likely be short-lived unless cash prices can improve. April ended 50 cents higher at $58.73 and June was 43 cents higher at $67.58.