Corn futures were steady to slightly higher on Friday. The market continued to consolidate from the contract lows set earlier in the week. The current chart pattern looks like a pause in the downtrend rather than a reversal higher. July ended 1/4 of a cent higher at 2.08 1/4.



Soybean futures ended higher on Friday after trading mixed most of the session. The lack of supportive news and favorable planting conditions limited buying interest most of the day, but speculative buying was able to push prices higher. July ended 11 1/4 cents higher at $6.40.



Wheat futures managed a rebound rally Friday after selling off rather sharply from Monday through Thursday. Nevertheless, market sentiment remains bearish given the favorable winter wheat yield prospects and strong spring wheat planting progress. CBOT July was up 3 1/4 cents at $3.17. KCBT July was 4 1/2 cents higher at $3.20. MGE July gained 1 1/2 cents to close at $3.33 1/4.



Cattle futures were lower on Friday, pressured a sharp decline in boxed beef cutout values Thursday afternoon. However, the steep discount of the cash market to futures limited losses. June futures closed 37 points lower at $85.05.

Lean hog futures closed strongly lower today, led by the nearby contracts. Ideas that the cash market may be making a near-term high pressured prices with steady to lower cash bids today. Pork cutouts have not kept pace with cash markets and packer margins are very poor. June ended 113 cents lower at $76.10.