Lean hog futures closed lower Friday. Heavy selling resulted from the huge earthquake and tsunami that hit Japan, as Japan was the biggest importer of U.S. pork in 2010. Support from steady to firm cash trade most of the week limited losses. Higher pork prices added support as well. April was $1.85 lower at $88.00 and June was also $1.85 lower at $99.37 1/2.
Corn futures settled lower Friday. Concerns that demand could suffer as a result of the devastating earthquake and tsunami in Japan overnight weighed heavily on corn prices. Japan is the world's third largest economy and consumer of commodities. The Nikkei fell hard following the quake and crude oil fell below $99/barrel. Thursday's USDA Supply/Demand report was neutral for corn. USDA left ending stocks unchanged at 675 million bushels. May was 17 cents lower at $6.59 1/4 and July was 18 1/4 cents lower at $6.70 3/4.
Soybean futures closed lower Friday. Prices were pressured following the massive earthquake in Japan, which led to heavy selling in the markets as traders became concerned about demand faltering, as Japan is a top commodity consumer. Crude oil fell below $99/barrel. USDA left U.S. ending stocks unchanged at 140 million bushels in its March report. The weekly export report showed strong old-crop sales to China on Thursday. May was 21 cents lower at $13.34 1/2 and July was 21 ? cents lower at $13.42 1/2.