Chicago agricultural commodities futures traded unevenly Friday, with wheat dropping 2.11 percent and corn and soybean remaining unchanged.
The most active corn contract for May delivery closed at 4.92 dollars per bushel, unchanged from the previous day. May wheat fell 15 cents, or 2.11 percent, to close at 6.955 dollars per bushel. May soybeans closed at 14.365 dollars per bushel, unchanged from the previous day.
Trade volume was light for all major grains pending the release of stock and seeding report by the U.S. Department of Agriculture (USDA) Monday.
Friday's market attention was on grain export taxation. Ukraine has agreed to end the value added tax (VAT) redemptions on grain exports, which could possibly mean a 20-percent rise in cost to exporters, and eventually farmers. In Brazil, the Congress is debating a 9.25 percent tax on soybean exports, and the chance for the tax to be passed is 50/50. Such taxation will hurt farmers in Ukraine and Brazil, but is unlikely to have much influence on the world market.
USDA will release quarterly report on hogs Friday. The report is expected to show a 4 to 5 percent decline in U.S. hog herd, which may in turn reduce the feed demand for corn and soybean meal in the following quarters to come.