The grain markets moved lower Friday. Some estimates suggested today that planted acres for corn could fall by 400K acres compared to the USDA’s March projection of 89.2 million acres. This didn’t seem to attract the bulls perhaps in part due to the favorable outlook for growing weather in the weeks and months ahead. It appears that consensus had formed that while too much rain could threaten some soy planting, a healthy WASDE supply picture is a still intact thereby putting a ceiling on the risk. The Dow was up 200 points yesterday and the dollar is up .37% this morning. July corn futures fell 4.75 cents to $3.5325/bushel at the close Friday, and December dropped 4.5 cents to $3.6875.

Soybean futures fell today after rallying recently due to weather. Tropical storm Bill is said to continue affecting the lower corn belt throughout the weekend, but if feels as if the trade may already be anticipating its passing and the clear passage to final planting ahead. Better than expected new crop export sales suggest firm demand yet boosted South American production estimates also suggest supply could also beat expectations. July soybean futures slid 3.5 cents to $6.25/bushel at the closing session Friday, while July soyoil gained .30 cents to 32.55 cents/pound, and July meal lost $3.5 to $323.1/ton.

Wheat futures were also down Friday. Russian expects their wheat yield to reach up to 100 million tonnes which could imply exports of 25-27 million tonnes, significantly higher than last years. Fears of weakened competitiveness in the world market could put pressure on wheat. U.S. Weekly export expectations for wheat were 200,000-400,000 tonnes and were reported to be 315,691 tonnes for the 15/16 crop year. July CBOT wheat futures rose .5 cents to $4.885/bushel at the close Friday, while July KC wheat lifted 5.25 cents to $5.035/bushel, and July MWE gained 3.25 cents to $5.4275.

CME cattle rose Friday after correcting the last few days. Cash beef strength this week now seems to be lending support to cattle futures . A slowdown in packer production as the seasonal demand shift looms has be driven selling as of late but it appears that buyers have regained interest. August cattle futures rose 1.57 cent to 150.92 cents/pound at the close Friday, while December futures lost 1.37 cents to 154.60. Meanwhile, August feeder cattle futures gained 1.77 cents to 223.65 cents/pound, and November feeders climbed 1.15 cents to 218.00.

The hog market continued to fall Friday to round off a week of consolidation. The trade continues to struggle with oversupply while at the same time facing the seasonal shift to lower demand after the upcoming Independence Day holiday. The CME lean hog index lost .46 cents to 80.11 cents/pound. August hog futures slid 2.25 cents to 73.75 cents/pound at the close Friday, while December fell 2.02 to 61.50.