Lean hog futures traded mixed on Friday. Front end contracts were supported by news that the South Korean government will allow duty-free imports on an additional 50,000 tonnes of pork to help slow food inflation. But deferreds were mostly lower on profit-taking and futures premium to the current cash market. April closed 10 cents higher at $92.28 while July was 13 cents lower at $101.40.
Corn futures closed lower on Friday. The market was pressured lightly by spillover weakness in soybeans and profit-taking from the gains on Thursday. But losses were limited by reports of more corn export sales to Mexico, the rebound in crude oil prices this morning. March ended 3 cents lower at $7.09 3/4 and July was 2 1/4 cents lower at $7.24 1/2.
Soybean futures were sharply lower on Friday. Futures gave up all of yesterday gains on profit-taking and news that China was raising bank reserve requirements to slow inflation. Talk that China had bought four cargoes of soybeans from Brazil helped extend the losses. March closed 36 1/2 cents lower at $13.68 and November was 31 1/2 cents lower at $13.42.