Lean hog futures were mixed on Friday. Firm pork prices and strength in the stock market helped support the nearby contract. But deferreds were pressured by profit-taking following the rally this week to new all-time highs. However, fundamentals are generally supportive. April closed 50 cents higher at $94.23 while June was 30 cents lower at $103.58.
Corn futures were sharply higher in old-crop contracts on Friday. The market traded up the 45 cent expanded limit at times, although light profit-taking trimmed gains ahead of the close. Futures were supported by the smaller-than-expected March 1 Grain Stocks estimate from Thursday. New-crop was been pulled higher as well, although gains were limited. USDA's Prospective Plantings number was slightly above trade expectations. May closed 42 3/4 cents higher at $7.36 and December was 12 1/4 cents higher at $6.37 1/2.
Soybean futures closed lower on Friday. The market was pressured by that China canceled some orders for soybean from the U.S. With the newly harvest crop making it to export markets in Brazil and Argentina, competition will be strong for export sales. But losses were limited by the need to attract more acreage this spring as ending stocks projections will be very tight following USDA's lower-than-expected Prospective Plantings number. May ended 16 1/2 cents lower at $13.93 3/4 and November was 5 3/4 cents lower at $13.89 1/4.