Position squaring seems to be affecting crop markets before the weekend. Corn futures dipped overnight and bounced only temporarily in response to the supportive USDA outlook data for the 2015/16 crop year and a strong result on the weekly USDA Export Sales report. The subsequent reversal probably represents a combination of technical selling and long-liquidation before the weekend. March corn sagged 4.5 cents to $3.8525/bushel late Friday morning, while July lost 4.25 to $4.01.

The soy complex once again proved rather mixed. Despite the fact that today’s Export Sales numbers looked supportive of beans and meal, only the latter held up Friday morning. The soyoil market remained under pressure despite the crude bounce, whereas traders apparently found the USDA predictions for the 2015/16 crop year discouraging. March soybean futures dropped 5.75 cents to $10.015/bushel as the lunch hour loomed Friday, while March soyoil dove 0.52 cents to 31.31 cents/pound, but March meal rose $1.2 to $348.7/ton.

The wheat markets also turned lower Friday morning. Wheat futures have found support spilling over from the corn and soybean markets lately, but dropped rather substantially this morning. The global glut, comparatively high domestic prices and the USDA’s bearish 2015/16 projections also seemed to send prices lower. March CBOT wheat fell 9.5 cents to $5.1825/bushel around midsession Friday, while March KC wheat tumbled 10.0 to $5.345/bushel, and March MWE wheat dipped 6.5 to $5.675.

Cattle traders still seem pessimistic about short-term prospects. Although some Kansas cattle have reportedly traded around $160/cwt (cents/pound) since yesterday’s close, cattle futures have not reacted well. The USDA’s 2015 cattle/beef projections seemed bearish, thereby appearing to reinforce negative expectations built into forward prices. April cattle futures sank 0.97 cents to 150.53 cents/pound in late Friday morning action, while August cattle drooped 0.67 cents to 142.42 cents/pound. Meanwhile, March feeder cattle futures plunged 1.85 cents to 200.70 cents/pound and May feeders tanked 1.32 to 199.57.

Rumors that the port situation had been resolved supported hogs. CME hog prices rallied early Friday morning in response to afternoon reports of sizeable Thursday cash gains. They lost upward momentum at moving average resistance, then on reports indicating a port labor contract had been reached. Subsequent denials of those reports undercut prices later. April hog futures rallied 1.00 cent to 68.05 cents/pound shortly before lunchtime Friday, while June hogs gained 0.20 to 81.65.